Managing your Money

Money can work for you!

Save, Spend and Enjoy...

Some habits are easier to kick than others. Not all habits we encounter are bad for us. Getting into a routine e.g. saving money for a rainy day is always good as in time you will be able to enjoy it.

Good Money Management

Managing your money well will save you a lot of heartache. Key points to remember for good money management:

• Learn to budget
• Spend what you have as wisely as you can

Budgeting and Avoiding Debt

Perhaps the most important aspect of managing your money is learning to budget. You cannot spend what you don't have. 

Here's a list that might help your bank balance grow:

• Keep a record of what you spend
• Pay important bills such as rent or money that you have borrowed from friends and family

If you have taken out an overdraft avoid going over your limit without agreeing with your bank first, because you will have to pay interest. If you need more money then you should contact your bank beforehand and they will help you to make the right decision.

If you receive a loan or large amount of money be careful not to spend it all at once. It might be tempting but you'll regret it afterwards.

Being in Debt

Most people who are in debt have had a life changing experience, which have led them to this. Redundancy, illness, relationship problems or just having little income to help them survive are common causes of this circumstance.

If you are in debt you may be feeling your life has been turned upside down, emotions are running havoc. Its one big stigma that feels it will not leave you. This could cause you to feel lonely, leads to guilt, shame and there's a great pressure on your shoulders.

• You can take action and you have legal rights
• Don't pretend its not there
• Don't leave the situation; it will not make it disappear

Banks

Opening a saving account gives you more incentive to save and your money will be looked after. The money you put in will gain interest increasing the amount you have in there, which is an added bonus. Create short-term achievable saving goals - this will give you the incentive to keep saving.

Remember...

• Money can work for you
• Learn to budget
• Pay all bills or people first of all before spending on your social life
• Don't blow big sums of cash you receive in one day
• Spend wisely
• Check out your school or college on details of funds and other money giving
• Write down what you spend
• Don't spend what you don't have
• Talk to someone

Disclaimer

The above information is only a guide. A person in financial trouble should SEEK EXPERT ADVICE SOONEST from the Regt Admin Offr, Citizens' Advice Bureau or The UK Insolvency Debt Advice Service on call 0800 074 6918.

Take ALL agreements, contracts, bills, letters etc. relating to ALL your debts with you when seeking advice/assistance. THIS IS ONLY A GUIDE TO HELP ALLEVIATE FINANCIAL DIFFICULTIES - NOT AN ESCAPE FROM RESPONSIBILITIES. THE MESSAGE IS "DON'T BORROW MORE THAN YOU KNOW YOU CAN REPAY".

*Please NOTE:

IF YOU ARE LIVING IN SCOTLAND there are certain differences in Scottish Law relating to debt that you need to be aware of. In particular these relate to Sequestration and Trust Deeds as regulated under the Bankruptcy ( Scotland ) Act 1985 (as amended) and Diligence which is the part of Scottish Law relating to formal debt enforcement as regulated under the Debtors ( Scotland ) Act 1987. In addition, with regards to court procedures, in Scotland a Sheriff Court Decree will be issues rather than a County Court Judgement. When calling the HelpLine, it is important that you make it clear that you are calling from Scotland and you will then be given the appropriate advice.