Money isn’t everything, but it is pretty important. Whether you’ve just started earning, or you’re dealing with debts, it’s worth spending time on a budget.
Your budget
Keeping to a budget doesn’t mean living on porridge and never going out. It just means listing what money you have coming in, and what you spend that money on. A bank account makes it easier to keep track of this too. Here are some pointers to get you started:
Income: add up how much you earn or receive every week.
Outgoings: list all the things you have to pay for, and how much, like:
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bills
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travel
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food
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entertainment
Work it all out
now take away the total outgoings from your income. What you have left will tell you whether you need to cut back your spending, and how much you can save. The most important thing is to be honest with yourself: if you carry on spending when you’ve got no money, you could end up in debt.
Dealing with debt
Most people in this country have some form of debt, whether it’s a student loan or an overdraft.
If you have trouble keeping up with payments on a store card or finance agreement, the people you owe money to – your creditors – may start to charge you more and more. That’s when debt can become a problem.
The most important thing is not to ignore your creditors or let them pressure you. Connexions can put you in touch with local services and help you deal with your debts properly.
LET US HELP
Our Personal Advisers are here to help with your money matters. You don’t need to make an appointment – just drop into your local Connexions or give us a call today.