Managing your money
In today’s tough economic climate, it’s important that we understand how to budget and keep our heads above water. For those people who feel as if they are sinking, a lifeboat is at hand in the form of CCCS Debt Remedy, the UK’s leading money advice and debt management charity. It provides free and confidential advice to help people take control of their money.
The charity’s website offers advice from expert debt counsellors, a personal budget for your income and outgoings, and practical help showing you how to make the most of your money. You just need to answer a series of questions about your household, income and outgoings, which will take about 20 minutes. Then, the website will produce an advice booklet tailored to your situation, highlighting areas in your budget where you can cut your spending. To do this, please visit https://debtremedy.cccs.co.uk
If you’re finding it hard to manage your money, we have provided some advice below:
• If you have any extra money, use it to pay creditors more than your usual monthly payment – paying off a debt early saves money because it cuts the time you take to pay it off, which then reduces the interest that builds up
• If you’re in arrears, contact your creditors and explain how you plan to deal with it. If possible, pay back extra money at the same time as your normal monthly payment – but DON’T be pressurised into giving more than you can afford
• Make sure you keep up with payments to essential household bills, such as utilities
• Shop around to see if you can find different loans/credit cards which offer cheaper rates of interest – but DON’T use these to borrow more money
• Save money by: reducing any satellite television packages you are paying for; taking a packed lunch to work; stopping saving for emergencies until your situation improves; reducing petrol costs by taking public transport instead of a car or buying a smaller/more economical car to save money on road tax; spending less on lifestyle items such as toiletries
As well as CCCS, you can also find useful advice and tools on these websites:
www.moneysavingexpert.com – free budget planner, cheap gas and electricity, shopping vouchers, how to cut petrol costs
www.moneysupermarket.com – how to get the best deals on gas and electricity, bank accounts, insurance, vouchers
www.moneymatterstosome.co.uk – a practical guide to family finance including how to save, what to do if you’re spending too much
www.adviceguide.org.uk – advice on how to budget, negotiate with creditors and consolidate debt