The authority is also setting up a series of free events where people can receive vouchers and advice.
Council Leader Ross Garrod says they’ll be listening to resident groups and voluntary organisations to determine the best way to use the fund.
The three cost-of-living support events for residents will be held as below:
July 9, Morden Library, 10.30am
July 16, Mitcham Library, 10.30am
July 23, Wimbledon Library, 10.30am
All residents who attend will receive a £10 voucher to spend at the local supermarket.