Money the. Making a budget work for you. Jobs. workshops. CVs. DoCtors. events. resources INTERNATIONAL. entrepreneurship

Size: px
Start display at page:

Download "Money the. Making a budget work for you. Jobs. workshops. CVs. DoCtors. events. resources INTERNATIONAL. entrepreneurship"

Transcription

1 Money the DoCtors Making a budget work for you workshops INTERNATIONAL part-time and graduate events local Jobs entrepreneurship networking volunteer employers supportcareers money CVs resources 1

2 About this guide We have written this guide to help you manage your money and help you with planning your budget. When you have read this we hope that you will know: n How to find out where your money is going n How you can make your money work for you n The answers to some questions you may have. Contents Why budget?... 3 How to budget... 3 Managing your budget... 4 Some questions answered... 5 Jargon buster... 6 Useful contact... 8 Why Budget It is always a really good idea to keep a track on where your money goes. Budgeting gives you a true and accurate picture of your money and can help you to: n Make decisions about your money, as you will know where it is going to, when it is going out and how much is going out n Budgeting helps you identify where you can make changes to your spending habits, especially if you have to make changes in your spending habits. n If you have a change of circumstance, budgeting allows you to pinpoint your priority and non-priority bills, and how to forward plan for any changes n Good money management allows you to make your money go further by getting into the saving habit n Budgeting means setting aside money for bills and any loan/ credit card repayments n Paying your bills late may affect your credit history. It is important NOT to spoil your credit rating, as lenders look at your credit history when they decide whether to lend you money, for example, a bank overdraft or a personal loan. n Other companies may look at your credit history if you apply to set up a Direct Debit, for example a monthly mobile phone contract. n Finally, budgeting can help you work out how to live within your means, giving you peace of mind. Key points Budgeting helps you: n Know where your money is going n Avoid or get out of debt n Make savings and have more choices about what you do with your money. How to budget You only need to set aside a few minutes each week to check your finances; it s as simple as that. Start by listing all your sources of income, for example your pay, benefits and tax credits. Money coming in Your pay slip The most important thing your pay slip tells you is how much money you actually get. It also tells you how much you are paying in National Insurance contributions, income tax and other deductions, for example pension contributions, student loan repayments or work related benefits. You can check you are on the right tax code by contacting the tax office ask the HR department for their details and your employer s reference number. Benefits and tax credits You may be eligible for state benefits, if for example you are on a low income, have dependent children or are disabled. You may be eligible for tax credits if you are responsible for at least one child or young person who normally lives with you, or you work but have a low income. Find out what you may be eligible for by contacting the Benefit Enquiry Line on or see Other income You may have other income coming in from other sources, for example from, relatives, or rental income if you have a lodger and rent out a room. You may have an income that varies from month to month, especially if your salary is dependent on the amount of hours you work or if you get paid by commission. You may receive your money in chunks, such as student loans that are paid out at the start of each term. If so, it would be very useful to work out your average income each month. Money going out Now you know what is coming in, the next step is to find out how much is going out and plan your budget. Use our online budget planner at ac.uk to help you. Just type in your income and outgoings and let it do the maths for you. If you would rather write a list, try our paper budget planner which is available for you to either download or pick up from the Student Information Centre. Don t worry if you cannot account for every penny coming in. The most important thing is to know roughly where you stand. Keeping a spending diary can help. Don t forget occasional items such as birthdays, Christmas or other festive presents and holidays. Also think about other outgoings that you pay for once a year, for example car tax and insurance. Its helpful to put these in a monthly amount for these, perhaps by estimating and dividing up the average that you would spend during the year. Review Regularly Review your budget regularly. If your circumstances change, for example you get a change in pay or your bills increase, look at your budget again to make sure it s realistic or that you are making the most of any extra income. Key Points n Check your pay slips to make sure you are on the right tax code n Claim any benefits or tax credits you may be eligible for n Keep a spending diary so that you can see where your money is going. Try writing down what you spend each day for a month. n Don t forget occasional items such as birthdays and other special occasions. 2 3

3 Managing your budget Once you have worked out how much money you have got coming in and going out, you are in a much better position already. If you haven t got much money left over or you think you may be getting into difficulties, don t panic there is free help at hand. Whichever situation you find yourself in, always make sure you pay your priority debts, for example, rent or mortgage, gas and electricity bills and Council Tax. If you are struggling, it s best to get in touch with those people you owe money to as soon as possible. They may be able to set up an arrangement where you can spread your payments until you get your finances sorted. Check your income to see if there are any benefits or tax credits you may be eligible for by contacting the Benefit Enquiry Line on or see Not much money left over? If you find you are regularly struggling to make ends meet, you will need to reduce your spending. These tips may help. n Consider making small cutbacks on non-essential items. What could you do without that would help you get back on track? n Check the APR on your credit card or loans. This shows the overall cost of borrowing including interest and charges. Generally, the lower the APR the better the deal is for you. See if you can shop around for a better deal. n You may get a better deal by switching services such as phones, electricity or gas to new suppliers. There are various internet switching services or search engines you can use. To compare energy prices, see It has a list of price comparison services that follow a voluntary code of practice. n Alternatively, speak to your supplier. All energy suppliers must offer social tariffs for vulnerable customers. Switching to a social tariff means you pay for fuel at the lowest available price. For information see the Energy Choices website or contact your fuel supplier. n If you are a BT customer on a low income and claiming means tested benefits, you may be able to switch to their low-cost, BT Basic service. Contact BT for details. Getting into difficulties You may have the start of a debt problem if you find you are: n Using credit (loans) to pay bills n Considering taking out consolidation loans to reduce your monthly payments n Paying no more than the minimum payments due on your credit cards n Using your credit card to take out cash advances n Using your credit card to pay rent/mortgage repayments n Start borrowing money without planning on how you are going to pay it back. Think VERY carefully about borrowing more money to pay off existing debts. It could make things so much worse. Check the terms and conditions of any loan or credit agreement, such as the interest rate and length of time it has to run and MAKE SURE you can afford to pay it back. If any loan is secured to your home, you may lose your home if you cannot afford to keep up with the repayments. In trouble? If you think things are getting out of hand, try not to panic. You are not alone and there is expert help available. Several organisations offer a free service, either face to face, or by phone, for example, Citizens Advice Bureau, National Debtline, Payplan and the Consumer Credit Counselling Service. These advice agencies can help you tackle you debts. They will help you set up a budget sheet, prioritise your debts and work out how you can live within your means. Whatever happens, don t ignore the problem talk to the people you owe money to. They may be able to help you manage your repayments. You may see adverts or get calls from companies offering to manage your debts. They offer similar services to the debt agencies, but they charge a fee. Before using them, make sure you have considered ALL of your options. Key points n Try cutting back on non-essential spending to help balance your budget n If you need help managing your finances, talk to the people you owe money to they may be able to make arrangements to help you n Don t panic if you feel the situation is spiraling out of control. Talk to a specialist debt advice agencies its FREE and confidential. Making your budget work for you If you have some money left over, it s time to get it working for you. Here a few ways to get you started. Your financial priorities or goals Think about your financial priorities or goals. They could be: Short term n Paying off or reducing your debts n To start saving for something special n Taking out insurance to protect your home if things go wrong Longer term n Saving for your retirement n Saving for your child or grandchild s university costs n A long haul holiday or for Gap year travel All of these things are achievable but you need to work out your priorities. Staying in control Now that you have got your budget sorted, work out a system to keep track of your spending in a way which suits you. You could keep a separate notebook or you can do it online. n Making a calendar note of when payments are due, for example TV licence, car tax and MOT. You will probably get a reminder in the post, but you will be better prepared if you know when they are due. It could also help you avoid late payment charges. n Setting up Direct Debit payments for payments like utility bills so that the money is automatically paid from your account when it is due. Speak to your providers about this. n If you cannot for any reason meet your Direct Debit payments, then you MUST inform the bank and cancel them before they are due to go out. If you do not, the bank will charge you a nonpayment fee and a further charge for informing you by letter that you payment was not successful. n Checking your bank and credit card statements as soon as you get them. Contact your bank or credit card provider if anything looks wrong. n Check your statements to review your spending. Make sure you are not paying for things you no longer need or use, such as gym or magazine subscriptions. n Review your budget on a regular basis. If your circumstances change, if your pay changes or your bills increase, adjust your budget so you know where your money is going. Regular Saving If you have any money left over after all your expenses, and your loans and credit cards are at a manageable level, start to consider putting some money aside each month. Regular savings, no matter how small, will soon add up. The earlier you can start saving, the more you will have to achieve your financial goals by forward planning. If you already have a savings account, check the interest rate you are getting. You might be able to get a better rate of interest by switching providers or by swapping accounts. You can compare bank and building society savings accounts (including ISA s) using comparison tables at uk/tables You can also save in savings schemes and clubs run by supermarkets, large retailers and some local shops. This may be for Christmas hampers or High Street vouchers. With these options you are not earning any interest on your savings, so your money isn t growing, but you are budgeting your money for larger expenses. Saving for emergencies It s also a good idea to put some money aside for emergencies, or possible expenses such as replacing expensive household items. The amount you can save will vary from person to person, but it is a good idea to at least have something you can fall back on in an emergency. Keep the savings in a savings account that you can take money out of at short notice. You must be disciplined with yourself and not just dip into it for anything other than an emergency. Saving for the longer term It is never too early to start saving for your future, retirement might seem like a long time away, but it creeps up on you without much notice. People are now living longer and retirement could last 20 or 30 years. The current State Pension, based on a full National Insurance contribution record is just (2011/12) for a single person and (2011/12) for a couple. If you want more, you will need to save for an extra retirement income. Find out what is available through your employer first. For more information on best deals around visit Shop around You can get better deals if you shop around first. We are all used to doing that for things like TV s and household goods, but you can also shop around for the best deals on financial products. Make sure you know exactly what you are getting for you money, and that you have read all the small print and terms and conditions. It can also be worth your while shopping around on the high street, or by phoning around. Talking to your bank or another financial service provider about your specific needs can help, and sometimes you can broker a very good deal for yourself. Remember that sometimes high street financial service providers can only sell their own products, so the range can be limited. It is often very tempting to stay loyal to a company you have used in the past, such as your bank or car insurance provider. But bear in mind that there may well be better deals elsewhere, and don t be afraid to negotiate with your current provider for a better deal from them. Key Points n Decide on your financial goals n Get into the savings habit to help meet your goals n Keep a track on your budget using a system that suits you best n Review your budget regularly so you know where you stand n Shop around and ask questions until you get the best deal for you n Always read the small print and don t sign until you are 100% happy 4 5

4 workshops INTERNATIONAL part-time and graduate events local Jobs entrepreneurship networking volunteer employers supportcareers money CVs resources Jargon buster Some key words and phrases explained. AER AER stands for annual equivalent rate. It lets you compare interest rates across accounts and reflects not just the amount of interest but also how often it is paid. The higher the AER, the greater the return. For example, two accounts advertise they pay 5% a year, but one credits all the interest at the end of the year and the other pays you 2.5% every six months. If you invest 5,000, by the end of the year the first account has grown to 5,250 and the second to 5,253. The interest credited after six months in the first account has itself earned interest during the second six months, increasing the return. Your questions answered I m thinking about opening a savings account. Will my money be safe? If a bank, building society or credit union goes out of business, you may be protected by The Financial Services Compensation Scheme (FSCS) The FSCS can pay compensation for financial loss up to 85,000 for deposit claims. Compensation will be paid regardless of any money you owe. The only exception will be if your current account is combined with your mortgage account. I am worried about the security of my personal details. What should I do if I think they have been stolen? Check your bank and credit card statements on a regular basis. Contact your bank or credit card provider as soon as you spot any payments that you haven t made. Protect yourself by keeping your passwords and PIN numbers safe, and never give your details to anyone else, especially over the telephone. NO company or organisation will ask you for ANY of your personal details regarding account numbers. How impartial are comparison websites? Most comparison websites are run by commercial businesses. Some promote particular products because of commercial arrangements. Most sites will give information about whether they cover the whole market for certain products or just a selection. Check out a variety of comparison sites to make sure you have done your homework. I ve seen adverts offering to roll all of my debts into one single loan, and a company has rung me and offered to do this. Is it a good idea? This is known as debt consolidation and involves moving all of your loans into a single loan, often with a lower interest rate and lower monthly payments. Although this may sound like a good idea, be aware that n These companies often charge high fees so you could end up paying much more overall and over a longer period n If the loans you are consolidating had the interest added to them at the start, you will be paying interest on that interest, as well as the amount that you borrowed n If you own your own home, the new loan will be secured against it, so you could land up losing your home if you can t keep up the repayments. Don t be afraid to say NO to persistent callers. You can report them to your local trading standards office. You can also sign up to something called the Telephone Preference service to cut down on the number of telephone sales calls you receive. What is a pay day loan? Payday loans are small, short-term loans designed to tide the borrower over until their next pay cheque. Funds are usually provided quickly Some companies boast that it can have money transferred into your account within an hour of receiving an application making it attractive to those desperate for money. Some lenders are charging as 4,214% APR, says interest rates are a red herring. There are others in the short-term credit industry, especially the small operations lending from high street shops, which could be less scrupulous than the larger commercially known lenders seen on the television, making it easy for already struggling borrowers to get into even worse difficulties. The bottom line on this kind of lending is DO NOT TOUCH PAY DAY LOANS. Seek other help from your bank or other sources first. APR Annual Percentage Rate of charge. This is the overall cost of your borrowing if you owe money on a credit card, loan or overdraft. Credit check A search of your borrowing record, also known as your credit history. A bank or our organisation carries out a credit check on you when deciding whether to lend you money. Creditors People you owe money to. Direct Debit An instruction you give your bank or building society to make regular payments to someone from your account. Unlike a standing order, you can agree that the creditor can vary this amount each month. Fixed rate An interest rate on your mortgage or savings account that is fixed 9ie it doesn t move up or down) for a set period of time. Interest rate The figure that sets how much interest you pay on a loan, or how much you receive if you put your money into a savings account. The rate is usually linked to the Bank of England rate and can move up or down. Secured Loan When a home is secured on your home, it means the lender can repossess/take back your home and sell it to get their money back if you do not keep up the payments. Standing order An instruction you give your bank or building society to make regular payments to somebody from your account, for example to pay bills. Unlike a Direct Debit, the creditor cannot vary this amount only YOU can. Unsecured loan The loan is not linked to your home or any of your belongings, but you are still responsible for repaying it. Variable interest rate An interest rate on a loan or savings account that can change according to circumstances. Foe example, if the Bank of England bank rate changes, the loan interest with probably change. Money the DoCtors 6 7

5 Useful contacts Organisations that can help if you have money problems National Debtline Provides free, confidential and independent telephone advice service Advice UK All members provide free and confidential advice, but not all provide money advice Citizens Advice Bureau (CAB) Citizens Advice Bureau Scotland (CAS) Payplan Free confidential advice on debt problems For information about tax credits and benefits Directgov Compare gas and electricity prices Consumer Focus The Office of Fair Trading (OFT) Telephone Preference Society For financial advisers in your local area. Complaints and compensation Financial Ombudsman Service South Quay Plazza, 183 Marsh Wall London E14 9SR, or For Roehampton Students Only You can visit the Money Doctor at Room 022, Information Centre Richardson Building, Digby Stuart College Student Funding Office for all student finance related issues including student loans and application queries Accommodation Office on campus off campus Next Steps Step 1 Remember to review your budget on a regular basis to make sure you are living between your means, especially if there is a change of circumstances. Use our budget planner to help get you started Step 3 Revisit your financial goals by keeping an eye on what is coming in and what is going out. Plan when you can start planning for your long term future. Step 2 Make small cutbacks if you need to. Start cutting back and see just how much you can save. Get into the savings habit- it soon adds up Step 4 Remember if you need help prioritising your debts or need some free money advice, there are specialist agencies that can help. 8

Make your budget work for you

Make your budget work for you Welfare Reform Make your budget work for you www.milton-keynes.gov.uk/welfare-reform Make your budget work for you Why budget It s always a good idea to keep track of your money. Budgeting is keeping track

More information

Just the facts about making your budget work for you.

Just the facts about making your budget work for you. December 2007 Our guides here to help you This guide is part of our Everyday money series. About the Financial Services Authority. Buying a home. Saving Pensions and andpensions andif things investing.

More information

FACT SHEET. Money matters. Paying bills

FACT SHEET. Money matters. Paying bills 12 FACT SHEET Money matters This fact sheet provides advice and information about how best to manage your money to make it easier to manage your household expenses. It also provides details of agencies

More information

No selling. No jargon. Just the facts about credit unions.

No selling. No jargon. Just the facts about credit unions. May 2010 Our guides here to help you This guide is part of our Everyday money series. Buying a home. Saving and investing. Pensions and retirement. If things go wrong. Everyday money. Available from our

More information

When Finances Go Wrong - Debt

When Finances Go Wrong - Debt When Finances Go Wrong - Debt Very few people now have no debt at all after all a mobile phone contract, or your rent/mortgage are both debts. It becomes an issue for people when they cannot meet the payments

More information

Financial Support and Benefits

Financial Support and Benefits Financial Support and Benefits Debt Somerset County Council positively values diversity, and celebrates cultural and social differences. Our Equal Opportunities Promise is to provide all services of equal

More information

No selling. No jargon. Just the facts about borrowing money. Our guides here to help you. No selling. No jargon. Just the facts.

No selling. No jargon. Just the facts about borrowing money. Our guides here to help you. No selling. No jargon. Just the facts. June 2009 Our guides here to help you This guide is part of our Everyday money series. About the Financial Services Authority. Buying a home. Saving and investing. Pensions and retirement. If things go

More information

Get advice now. Are you worried about your mortgage?

Get advice now. Are you worried about your mortgage? Are you worried about your mortgage? Get advice now If you are struggling to pay your mortgage, or you think it will be difficult to pay more when your fixed-rate deal ends, act now to stop your situation

More information

Credit Crunching. a student guide to credit 2010/11

Credit Crunching. a student guide to credit 2010/11 Credit Crunching a student guide to credit 2010/11 Introduction Whether you are a student or a graduate it is important to understand all the different types of credit out there in the market place. Credit

More information

How To Pay Your Mortgage

How To Pay Your Mortgage You can afford your mortgage now, but what if...? The Money Advice Service is here to help you manage your money better. We provide clear, unbiased advice to help you make informed choices. We try to ensure

More information

Adviceguide Advice that makes a difference

Adviceguide Advice that makes a difference Jargon Buster A Z of financial terms This fact sheet explains some of the financial terms that you might come across when you are dealing with financial matters. ACCOUNT:- this is provided by a bank or

More information

Problems paying your mortgage

Problems paying your mortgage Problems paying your mortgage What you need to do now and how to get back on track Steps to take now What your options are Get free impartial advice The Money Advice Service is independent and set up by

More information

Adviceguide Advice that makes a difference

Adviceguide Advice that makes a difference Jargon Buster A Z of financial terms This fact sheet explains some of the financial terms that you might come across when you are dealing with financial matters. ACCOUNT:- this is provided by a bank or

More information

Get advice now. Are you worried about your mortgage? New edition

Get advice now. Are you worried about your mortgage? New edition New edition July 2009 Are you worried about your mortgage? Get advice now If you are struggling to pay your mortgage, act now to stop your situation becoming worse. Working with Citizens Advice Bureaux

More information

Debt Advice Self Help Pack

Debt Advice Self Help Pack Central Bedfordshire Council www.centralbedfordshire.gov.uk Debt Advice Self Help Pack Do you find there is not enough money to pay your bills each week/month? Has your credit become debt? Are your outgoings

More information

Get advice now. Are you worried about your mortgage? New edition

Get advice now. Are you worried about your mortgage? New edition New edition July 2010 Are you worried about your mortgage? Get advice now If you are struggling to pay your mortgage, act now to stop your situation becoming worse. Working with Citizens Advice Bureaux

More information

Keeping up with mortgage repayments

Keeping up with mortgage repayments Keeping up with mortgage repayments This information is an extract from the booklet Housing costs, which is part of our Financial guidance series. You may find the full booklet helpful. We can send you

More information

Dealing with debt. A guide for customers

Dealing with debt. A guide for customers Dealing with debt A guide for customers How you can get help Banks are here to help you run your finances smoothly in a complicated world. You can get help in good and bad times. Banks understand that

More information

Dealing with your mortgage shortfall

Dealing with your mortgage shortfall Dealing with your mortgage shortfall The Money Advice Service is here to help you manage your money better. We provide clear, unbiased advice to help you make informed choices. We try to ensure that the

More information

Money Advice Pack PB 1

Money Advice Pack PB 1 Money Advice Pack 1 Introduction Many people suffer difficulties with money at some time in their lives. Money problems can be caused by a variety of reasons, such as losing your job, illness, decreased

More information

Just the facts about. Moneymadeclear. Our guides here to help you. No selling. No jargon. Just the facts. www.moneymadeclear.fsa.gov.

Just the facts about. Moneymadeclear. Our guides here to help you. No selling. No jargon. Just the facts. www.moneymadeclear.fsa.gov. July 2009 Our guides here to help you This guide is part of our About the FSA series. Pensions andbuying a retirement. home. Everyday money. Saving and investing. If things go wrong. About the Financial

More information

Can t pay your debts?

Can t pay your debts? Factsheet November 2011 Are your debts getting out of control? Maybe you re struggling to make ends meet because of unemployment, ill health, economic conditions or a relationship breakdown. Perhaps this

More information

Dealing with debt Top Tips

Dealing with debt Top Tips Dealing with debt Top Tips Don t ignore the problem it won t go away. The longer you leave it, the worse it will get. Get advice from the Student Advice Centre, Citizens Advice Bureau or other independent

More information

Dealing with your mortgage shortfall

Dealing with your mortgage shortfall Dealing with your mortgage shortfall The options available Things to consider Helping you stay on track The Money Advice Service is independent and set up by government to help people make the most of

More information

Help yourself to sort out your debts

Help yourself to sort out your debts Help yourself to sort out your debts You owe money on your credit card, your bank account is overdrawn and you re struggling to pay back a loan what can you do? This leaflet gives you some ideas. For more

More information

ICAEW on Personal Finance

ICAEW on Personal Finance ICAEW on Personal Finance How much will it cost me to go to university? Kate is about to go to university to study for a degree in business and finance. She is really looking forward to moving away from

More information

No selling. No jargon. Just the facts about basic bank accounts. Our guides here to help you. No selling. No jargon. Just the facts.

No selling. No jargon. Just the facts about basic bank accounts. Our guides here to help you. No selling. No jargon. Just the facts. July 2010 Our guides here to help you This guide is part of our Everyday money series. Buying a home. Saving and investing. Pensions and retirement. If things go wrong. Everyday money. Available from our

More information

www.lewishamhomes.org.uk 1

www.lewishamhomes.org.uk 1 For tenants Contents 1. Ways to help yourself out of debt and increase your income 2 Don t ignore the problem. Ask for help. 2 Claim all the benefits you are entitled to. 2 You may also be able to increase

More information

getting your finances back on track

getting your finances back on track ABOUT US DEBT GUIDANCE DEBT GUIDANCE getting your finances back on track Hafod is a housing association registered with the Welsh Assembly Government. We are a non-profit making organisation and operate

More information

The Money Advice Service is here to help you manage your money better. We provide clear, unbiased advice to help you make informed choices.

The Money Advice Service is here to help you manage your money better. We provide clear, unbiased advice to help you make informed choices. Basic bank accounts The Money Advice Service is here to help you manage your money better. We provide clear, unbiased advice to help you make informed choices. We try to ensure that the information and

More information

Can t Pay Your Mortgage?

Can t Pay Your Mortgage? Can t Pay Your Mortgage? Helpful advice from the BSA and the Money Advice Trust Can t Pay Your Mortgage? Having problems paying your mortgage can be one of the most stressful and traumatic problems that

More information

Help yourself to manage your mortgage

Help yourself to manage your mortgage Help yourself to manage your mortgage If you are worried about paying your mortgage, there may be steps you can take to make your mortgage easier to manage. This leaflet gives you some ideas. For more

More information

Debt. Essentials. We can t tell you everything in these few pages but it should help you see that there are options.

Debt. Essentials. We can t tell you everything in these few pages but it should help you see that there are options. Debt Essentials If you are in debt here is some vital information to help you get back in control. Debts may not go away quickly but you can manage them and reduce the stress it may be causing. We can

More information

Debt Worries? Don t let debt take over your life. Deal with it today! Angus Money Advice Partnership. Action Pack. Final Demand. Mortgage Council Tax

Debt Worries? Don t let debt take over your life. Deal with it today! Angus Money Advice Partnership. Action Pack. Final Demand. Mortgage Council Tax Debt Worries? Don t let debt take over your life. Deal with it today! Angus Money Advice Partnership Action Pack Final Demand Mortgage Council Tax Bank Overdraft Rent GAS Electricity Reminder It could

More information

Opening a bank account

Opening a bank account Section 6 - Money4_7_Layout 1 10/01/2011 11:42 Page 124 Money Section 6 Opening a bank account 125 Borrowing money 127 Budgeting and managing your money 129 124 Money Opening a bank account Opening a bank

More information

Taking the steps to regain control

Taking the steps to regain control Taking the steps to regain control Congratulations! Just reading this means you are taking the most difficult single step in dealing with debt problems facing them head on and finding out what you can

More information

No selling. No jargon. Just the facts about credit cards. guides. Our here to help you. No selling. No jargon. Just the facts.

No selling. No jargon. Just the facts about credit cards. guides. Our here to help you. No selling. No jargon. Just the facts. October 2009 Our here to help you This guide is part of our Everyday money series. guides About the Financial Services Authority. Buying a home. Saving and investing. Pensions and retirement. If things

More information

Banking made clear. Information pack for people with learning disabilities.

Banking made clear. Information pack for people with learning disabilities. Banking made clear Information pack for people with learning disabilities. This handy guide provides information about how you can: open and manage your own bank account keep safe when you are using your

More information

Banking made clear. Information pack for people with learning disabilities.

Banking made clear. Information pack for people with learning disabilities. Banking made clear Information pack for people with learning disabilities. This handy guide provides information about how you can: open and manage your own bank account keep safe when you are using your

More information

Bank accounts Know your rights

Bank accounts Know your rights July 2012 Bank accounts Know your rights Want to know where you stand with your bank or building society? We explain your rights and how to use them. www.fsa.gov.uk/consumerinformation Follow us @FSAconsumerinfo

More information

Options for dealing with debt

Options for dealing with debt Options for dealing with debt This factsheet explains what you can do if you cannot afford your debts. It gives an overview of the options that you may have, but is not a suitable alternative to speaking

More information

Dealing with debt. finding your feet. Advice for you if you are in debt

Dealing with debt. finding your feet. Advice for you if you are in debt Dealing with debt finding your feet Advice for you if you are in debt Help yourself deal with your debt Even though it may seem that there is little you can do to help yourself, in fact there is more than

More information

Just the facts about dealing

Just the facts about dealing May 2009 Our guides here to help you This guide is part of our Buying a home series. About the Financial Services Authority. Pensions andeveryday retirement. money. Saving and investing. If things go wrong.

More information

for independent information mortgages made easy

for independent information mortgages made easy for independent information mortgages made easy About us We are an independent watchdog set up by the Government to: regulate firms that provide financial services; and help you make informed decisions

More information

for Newcomers and New Canadians Module 2 How to Build Credit In Canada Student Workbook

for Newcomers and New Canadians Module 2 How to Build Credit In Canada Student Workbook for Newcomers and New Canadians Module 2 How to Build Credit In Canada Student Workbook Welcome! This workshop is about credit. Credit is buying something now, but paying for it later. Credit can be useful

More information

A Self Help Guide to Money Problems

A Self Help Guide to Money Problems A Self Help Guide to Money Problems DERBY CITY COUNCIL Money Advice Service If you re in debt and don t know which way to turn, then this guide will help you. Act now! Help yourself by following these

More information

How To Know Your Credit Card Rights In The Uk

How To Know Your Credit Card Rights In The Uk Credit cards Your rights- a consumer guide Credit cards are a very safe and convenient way of paying for things in shops at home, online or around the world. Unlike cash or cheques, if something goes

More information

1 Don t ignore the problem

1 Don t ignore the problem Sometimes when your circumstances change, for example you work fewer hours, become sick, separate/ divorce, receive a cut in your pay, lose your job or have high bills to pay, life seems impossible. Don

More information

Debt Advice Self help guide

Debt Advice Self help guide Advice Shop Debt Advice Self help guide If you are having problems with debts, making ends meet and paying your bills, then this guide is for you. It explains the steps you can take to sort out your money

More information

Just the facts about dealing

Just the facts about dealing April 2008 Our guides here to help you This guide is part of our Buying a home series. About the Financial Services Authority. Pensions andeveryday retirement. money. Saving and investing. If things go

More information

How To Get Out Of Debt

How To Get Out Of Debt Are you worried about your mortgage? Get advice now If you are struggling to pay your mortgage, act now to stop your situation becoming worse Funded by the Northern Ireland Executive, delivered through

More information

Dealing with Debt. www.waverley.gov.uk/housingoptions

Dealing with Debt. www.waverley.gov.uk/housingoptions Dealing with Debt www.waverley.gov.uk/housingoptions You Are Not Alone These days, lots of people are in debt for different reasons and many people find their debts difficult to manage. The important thing

More information

Students and young people. Credit Crossroads

Students and young people. Credit Crossroads Students and young people Credit Crossroads Experian is a leading UK credit reference agency. When you apply for credit, you will probably give the lender (the company you want credit from) permission

More information

painting by numbers a personal budget planner and guidance notes

painting by numbers a personal budget planner and guidance notes painting by numbers a personal budget planner and guidance notes Stewardship 1 Lamb s Passage, London EC1Y 8AB t 020 8502 8585 e education@stewardship.org.uk w www.stewardship.org.uk/money introduction

More information

Just the facts about home purchase plans.

Just the facts about home purchase plans. September 2007 Our guides here to help you This guide is part of our Buying a home series. About the Financial Services Authority. Pensions andeveryday retirement. money. Saving and investing. If things

More information

Adviceguide Advice that makes a difference

Adviceguide Advice that makes a difference Payment Protection Insurance What is Payment Protection Insurance When you take out a loan, credit or store card, you're often asked to take out an insurance policy at the same time. The policy is meant

More information

In Debt. Dealing with your creditors

In Debt. Dealing with your creditors In Debt Dealing with your creditors 0 This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to thank the members

More information

Borrowing from a credit union

Borrowing from a credit union Borrowing from a credit union Ever thought about joining a credit union? Bristol Credit Union and Somerset Savings and Loans are both credit unions based in the south west. If you re a Knightstone resident,

More information

No selling. No jargon. Just the facts about basic bank accounts. Our guides here to help you. No selling. No jargon. Just the facts.

No selling. No jargon. Just the facts about basic bank accounts. Our guides here to help you. No selling. No jargon. Just the facts. November 2009 Our guides here to help you This guide is part of our Everyday money series. About the Financial Services Authority. Buying a home. Saving and investing. Pensions and retirement. If things

More information

Helping you to manage your money

Helping you to manage your money Helping you to manage your money 2 Contents Section 1: Managing your money 1 Budgeting made easy Section 2: Borrowing sensibly 7 Managing your credit cards Managing your overdraft Managing your loans Section

More information

Take Control of Your Debt

Take Control of Your Debt Student Services Funding & Advice Take Control of Your Debt SUCCESS...We ll help you achieve it! @UWS_Funding TAKE CONTROL OF YOUR DEBT Borrowing money can be an inevitable part of life. It is important

More information

Your Money, Your Choice

Your Money, Your Choice Your Money, Your Choice With rising living costs many people are looking for help when it comes to making the most of their money. Find out what help is available for you. www.rotherham.gov.uk Together

More information

MK Money Lifeline. Self-Help Pack. This pack outlines the steps you will need to take to help you deal with your debt problem.

MK Money Lifeline. Self-Help Pack. This pack outlines the steps you will need to take to help you deal with your debt problem. MK Money Lifeline Self-Help Pack This pack outlines the steps you will need to take to help you deal with your debt problem. Once debts start to mount there is a process that you will need to go through

More information

2 If you need extra money, is it better to use credit or savings? Credit Savings A bit of both

2 If you need extra money, is it better to use credit or savings? Credit Savings A bit of both BE YOUR OWN FINANCIAL MANAGER Contents 1 Introduction We are here to help Your credit record 2 If you need extra money, is it better to use credit or savings? Credit Savings A bit of both 3 What will borrowing

More information

Managing bills and bank accounts

Managing bills and bank accounts Managing bills and bank accounts This information is an extract from the booklet Managing your money day to day, which is part of our Financial guidance series. You may find the full booklet helpful. We

More information

Full-time Guide. You can afford to go to Uni

Full-time Guide. You can afford to go to Uni Full-time Guide You can afford to go to Uni The true cost of full time higher education study in England from 2013 Introduction The information in this guide is for full-time students in England starting

More information

Money Borrowing money

Money Borrowing money Money Borrowing money Aims: To enable young people to explore ways of borrowing money and the advantages and possible consequences of doing so. Learning Outcomes: By the end of the session the participants

More information

Supporting someone to manage money. a guide for carers

Supporting someone to manage money. a guide for carers Supporting someone to manage money a guide for carers Taking care of money Everyone should have the right to make their own decisions about the money that they own. To do this well, a person needs information

More information

You can afford to go to Uni

You can afford to go to Uni Full-time Guide You can afford to go to Uni The true cost of full time higher education study in England 2014 Introduction The information in this guide is for full-time students in England starting a

More information

how the One account works all your questions answered 08456 000 00 1 oneaccount.com

how the One account works all your questions answered 08456 000 00 1 oneaccount.com how the One account works all your questions answered 08456 000 00 1 oneaccount.com Contact us By telephone 08456 000 00 1 By typetalk 08456 000 00 1 By textphone 08456 10 10 56 By post By web The One

More information

Your personal budget plan

Your personal budget plan 1. About you Your personal budget plan Your personal budget plan You need to be clear about whose details you are going to include. For example: if you live with a partner, are you going to prepare a joint

More information

A guide to the Lending Code

A guide to the Lending Code A guide to the Lending Code For consumers Introduction This guide gives you an introduction to the standards you should expect from banks, building societies and credit-card providers who follow the Lending

More information

Customer Guide. to lifetime mortgages. more 2 choose a range of lifetime mortgage plans to suit every need

Customer Guide. to lifetime mortgages. more 2 choose a range of lifetime mortgage plans to suit every need Customer Guide to lifetime mortgages more 2 choose a range of lifetime mortgage plans to suit every need From one of the UK s largest retirement lending specialists Please speak to your adviser for further

More information

Adequate Explanations

Adequate Explanations Adequate Explanations CCTA PLA 10.14 H&T Pawnbrokers are required by law to provide you with the following information in order for you to decide if the loan is suitable for your needs and to highlight

More information

Prepayment Meters ( Pay As You Go ) A ScottishPower Charter

Prepayment Meters ( Pay As You Go ) A ScottishPower Charter Prepayment Meters ( Pay As You Go ) Page 1 Introduction This charter tells you what you need to know about using a prepayment meter to pay for your electricity or gas. Section Contents Page 1 What You

More information

Confident living. Managing your money. Confident living series: Managing your money

Confident living. Managing your money. Confident living series: Managing your money Confident living Managing your money Confident living series: Managing your money Managing your money Five top tips 1 Ask a shop what special offers they have. 2 Speak up for your rights, services should

More information

Just the facts about basic bank accounts.

Just the facts about basic bank accounts. May 2008 Our guides here to help you This guide is part of our Everyday money series. About the Financial Services Authority. Buying a home. Saving Pensions and andpensions andif things investing. retirement.

More information

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages LEGAL & GENERAL HOME FINANCE Guide to Lifetime Mortgages A lifetime mortgage could give you the freedom to really enjoy your retirement. We re delighted you re finding out more about lifetime mortgages.

More information

This self help guide will assist you in sorting out your debts and put you back in control of your finances.

This self help guide will assist you in sorting out your debts and put you back in control of your finances. This self help guide will assist you in sorting out your debts and put you back in control of your finances. Part of the Bolton Family DEBT This self help guide will assist you in sorting out your debts

More information

Barclaycard Business Credit Card Terms and Conditions

Barclaycard Business Credit Card Terms and Conditions Barclaycard Business Credit Card Terms and Conditions 1 Contents 1. Introduction 3 Your card 3 Business credit limit 3 Monthly payment 4 2. Your interest charges 4 Interest rates 4 Promotional balance

More information

Personal loans. How do personal loans work? Factsheet. August 2011

Personal loans. How do personal loans work? Factsheet. August 2011 Factsheet August 2011 Thinking about taking out a personal loan to pay for something special, such as a holiday or car? Costs will vary depending on whether you take out a secured or unsecured loan, so

More information

Dealing with debt - toolkit Information from Southampton City Council. Step 5. Tackle the most important debts first

Dealing with debt - toolkit Information from Southampton City Council. Step 5. Tackle the most important debts first Dealing with debt - toolkit Information from Southampton City Council Step 5. Tackle the most important debts first Step 5. Tackle the most important debts first priority creditors. Some debts are more

More information

Just the facts about basic bank accounts.

Just the facts about basic bank accounts. August 2008 Our guides here to help you This guide is part of our Everyday money series. About the Financial Services Authority. Buying a home. Saving Pensions and andpensions andif things investing. retirement.

More information

Car loans. Richie found it pays to shop around. How do car loans work? Factsheet. August 2011

Car loans. Richie found it pays to shop around. How do car loans work? Factsheet. August 2011 Factsheet August 2011 Apart from your home, a car is one of the biggest single purchases you re ever likely to make. If you don t have the cash to pay for it upfront, you ll need to borrow money. And,

More information

The Money Advice Service is here to help you manage your money better. We provide clear, unbiased advice to help you make informed choices.

The Money Advice Service is here to help you manage your money better. We provide clear, unbiased advice to help you make informed choices. Credit cards The Money Advice Service is here to help you manage your money better. We provide clear, unbiased advice to help you make informed choices. We try to ensure that the information and advice

More information

Other options for dealing with your debts

Other options for dealing with your debts Other options for dealing with your debts This information is an extract from the booklet Managing your debt, which is part of our financial guidance series. You may find the full booklet helpful. We can

More information

Good News For Credit Card Users. A Consumer Guide

Good News For Credit Card Users. A Consumer Guide Good News For Credit Card Users A Consumer Guide Credit card companies have been working with government to bring in changes that will give you more control over your credit card accounts. The UK Cards

More information

DEBT SELF HELP GUIDE. Advice Centre

DEBT SELF HELP GUIDE. Advice Centre Advice Centre DEBT SELF HELP GUIDE This leaflet aims to help you have a clearer understanding of debt and to give guidance about how to plan your budgeting. DEBT SELF HELP GUIDE This leaflet aims to help

More information

Financial Planning in Your 20s and 30s

Financial Planning in Your 20s and 30s Financial Planning in Your 20s and 30s Financial planning varies throughout the different stages of life. Older people are often focused on planning for a comfortable retirement, while younger people often

More information

a SUPPLEMENT to Learn About Money Personal Budgets YOUR MONEY

a SUPPLEMENT to Learn About Money Personal Budgets YOUR MONEY a SUPPLEMENT to Learn About Money Personal Budgets YOUR MONEY PB A Supplement to Learn About Money Personal Budgets Managing your money Section 1: How to plan your money 1.1 What are the benefits of preparing

More information

No selling. No jargon. Just the facts about basic bank accounts. Our guides here to help you. No selling. No jargon. Just the facts.

No selling. No jargon. Just the facts about basic bank accounts. Our guides here to help you. No selling. No jargon. Just the facts. April 2009 Our guides here to help you This guide is part of our Everyday money series. About the Financial Services Authority. Buying a home. Saving and investing. Pensions and retirement. If things go

More information

You can afford. The true cost of full time higher education study in England from 2012 STUDENT GUIDE

You can afford. The true cost of full time higher education study in England from 2012 STUDENT GUIDE You can afford to go to Uni The true cost of full time higher education study in England from 2012 STUDENT GUIDE The information in this guide is for full-time students starting a higher education course

More information

GUIDE TO DEALING WITH DEBT

GUIDE TO DEALING WITH DEBT GUIDE TO DEALING WITH DEBT CONTENTS Page 4 Where do I start? Page 5 Do I have to pay? What can I afford to pay? Page 7 Who to pay first? Page 10 What can I afford to pay on my Credit Debts? Page 12 What

More information

Student debt advice guide

Student debt advice guide Student debt advice guide Free, Impartial Debt Advice Introduction As a student, you might be worried about how you re going to manage your finances. This guide will help you understand your options and

More information

The Mortgage Guide. Helping you find the right mortgage for you. Brought to you by. V0050713a

The Mortgage Guide. Helping you find the right mortgage for you. Brought to you by. V0050713a The Mortgage Guide Helping you find the right mortgage for you Brought to you by Hello. Contents We re the Which? Mortgage Advisers team. Buying a house is the biggest financial commitment most of us ever

More information

UPDATED. XyxxYy. Benefit Changes. The Government is cutting benefits. 1 in 7 people will be affected. Are you prepared?

UPDATED. XyxxYy. Benefit Changes. The Government is cutting benefits. 1 in 7 people will be affected. Are you prepared? UPDATED Benefit Changes XyxxYy The Government is cutting benefits. 1 in 7 people will be affected. Are you prepared? 1 XyxxYy ARE YOU PREPARED FOR UNIVERSAL CREDIT? Most people in Sheffield who currently

More information

Household budget planner

Household budget planner Household budget planner Take control of your money Often through no fault of their own many people find that they can t afford to pay all their debts and fall into arrears. By reviewing all of your finances

More information

Budgeting and debt advice handbook for residents

Budgeting and debt advice handbook for residents Budgeting and debt advice handbook for residents Step-by-step guide Contents Introduction...................... 3 Income maximisation List your income Can you increase your income? Income..........................

More information

CCCS Debt Advice Guide

CCCS Debt Advice Guide CCCS Debt Advice Guide Introduction As a registered charity, we help people with financial troubles by giving them free, impartial advice. If you need debt help, you have come to the right place; whatever

More information

Our personal current accounts. Switch to First Trust Bank. Ask at any branch 0845 6005 925

Our personal current accounts. Switch to First Trust Bank. Ask at any branch 0845 6005 925 Our personal current accounts Switch to First Trust Bank Ask at any branch 0845 6005 925 Welcome to First Trust Bank We offer you all the benefits you would expect from your bank; a great range of quality

More information