Taking control of your money can seem like a difficult thing to do. There are some simple things that you can do to make the most of your money.
Set a weekly or monthly budget
Keep a record of the money you have coming in (e.g. salary, benefits, pension) and what payments you have to make each week or month (e.g. rent, gas and electricity bills, council tax, food). Check with your utility providers that you are on the best tariff and switch deals if necessary.
Keep a spending diary
You might spend more money than you think on things that haven’t been included in your budget. By writing these down you will be able to see when and where your money is going.
Pay off loans and credit cards
Pay off debts with the highest interest rates first. Avoid payday loan companies, as you will have to pay back a lot more than you borrowed.
Don’t ignore problems
If you are really struggling to pay your bills, rent and provide enough food for your family, get some help as soon as possible. The earlier you do this, the more likely it is that you can get the help and support you need.
What help is available?
There are agencies which can give you advice if you are struggling with money:
- Citizens advice: Monday to Friday 9am to 4.30pm. Call 0300 330 1025
- Community advice and law service: Monday to Thursday 9am to 1pm and 2pm to 5pm, Friday 9am to 1pm and 2pm to 4.30pm. Call 0116 242 1120
- Money Advice Service: Monday to Friday 8am to 8pm, Saturdays 9am - 1pm. Call 0800 138 7777
For further advice and help with budgeting, please see the booklet attached below.
When you are in a financially difficult position, it can be tempting to take out a pay-day loan or borrow money from doorstep lenders. You can report a loan shark on the GOV.UK link below: