Help and advice on managing moneyWhen managing money it is important to make a budget plan for you or your family. This looks at how much money you have got coming in and what you have got going out each week or month.
When managing money it is important to make a budget plan for you or your family. This looks at how much money you have got coming in and what you have got going out each week or month. Some things to consider for your plan are:
- What is your regular weekly or monthly income from work, benefits and pensions?
- Have you checked if you are able to claim any additional benefits or tax credits to boost your income?
- Can you generate other income for yourself for example, through additional working or letting a room to a lodger?
- What are your regular commitments on bills and spending? Can you reduce these by shopping around? There are several comparison websites where you can see if you can get a better deal. Some companies offer a reduced rate social tariff to vulnerable people or those on a low income.
- Do you pay for subscriptions or memberships by direct debit that you no longer need or have forgotten about? Make sure you check the details so that you don't have to pay a cancellation penalty.
If you would like help in creating a budget, the government's Money Advice Service (opens in a new window) has a step-by-step planner to help you see how you might stretch your money, or cut back on your spending.