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|  | | |  Make your money go further We know the cost of living is constantly rising. We encourage you to think about your whole financial situation, so you can feel more in control of your money and be better prepared to deal with any financial challenges you might face. Managing day-to-day bills
Keeping a budget may seem like a hassle but it could save you a small fortune. It is a good habit to get into keeping a budget to help you stay in control of your finances. Check out our helpful online Budget Planner (in the Helpful Information section on the right of this page) or download a household budget planner you can print and complete. You may also like to visit MoneyBasics for clear, simple, independent information about how to manage your money. Maximise your income There can be ways to increase the money coming into your household budget, and this could make paying your bills and debts easier. Depending on your current circumstances, there are a number of possibilities available to you:
Claiming benefits
You may be entitled to government grants or benefits if you are on a low income or have certain costs to meet because of your personal situation. There are a wide range of benefits available, depending on your circumstances. Check out www.turn2us.org.uk or www.entitledto.co.uk for more information.
Reduce spending
If you keep a note of everything you spend it will help to identify any spending that can be reduced or cut out completely. You might have already cut down on your spending and think that there is no room to cut back any more, but it’s important to always keep an open mind to other possibilities. For example you could: - Switch to a cheaper supplier of utilities (gas, electricity and telephone) and choose the cheapest payment method.
- Use free public services. Some lending libraries also have a wide range of magazines and newspapers, music and video, and use of PC’s and the Internet.
- Check price comparison websites. There are now many websites that enable you to compare the cost of everything from holidays, electrical goods, to your weekly grocery shopping.
- Make use of discount vouchers that are now available on the internet for many high street stores and restaurants.
- Make a list for regular shopping and stick to it - don’t buy on impulse.
Saving money will mean changing your spending habits, but try to see it as a positive. The suggestions above are about getting the best value for money - not just about spending less.
Generate additional income
Have you thought about ways you could bring in some extra cash? For example: - Overtime - Make sure your employer knows you are interested in extra work when it is available. If you don’t ask it might be offered to someone else.
- Additional part time work - You may like to consider early morning, late evening, weekend work or working from home.
- Get a lodger - Do you have a spare room that could be rented out to a lodger? (Make sure you get permission from your mortgage lender first.)
- Income Tax - You may qualify for a lower tax code or a tax rebate.
Payment Protection Insurance We recommend you check all your mortgage, loan, and credit/store card agreements to see if you have payment insurance – ask the lenders if you are unsure. It’s important to look at the policy conditions to see if you can make a claim, for instance if you are not working due to redundancy, accident, or illness. YOUR HOME MAY BE AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. | | | | | |
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