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