Budgeting can make a big difference – see the tips here.
Do you know how much all of your outgoings come to each week, and how much you have left to spend?
Write down or use the Money Helper online budget planner or the MSE planner to record every penny you spend in a month:
- including all your bills,
- like rent or mortgage,
- council tax,
- gas and electric,
- as well as all your shopping for food,
- toiletries clothes etc.
Then, write down all the money you have coming in:
- including wages,
- benefits,
- pensions etc.
When you compare the two, do you have enough money coming in to match what is going out? If not, don’t panic – here’s what you might be able to do:
- Check you are receiving all the benefits you are entitled to claim
- Find areas where you can save money – could you get a cheaper mobile deal, shop around more for better deals?
- Look for other help to afford essential household items
- Find impartial advice on saving money at Money Saving Expert
- If you’re regularly paying bank charges or overdraft fees, or if you’ve been refused a current account, you might need a basic bank account which can help you to avoid most of these charges
- Before you think about borrowing money, make sure you know how much it will cost you to pay it back. Avoid expensive options such as payday loans; you can use this guide to look for use this guide to look for alternatives to payday loans.
- Get advice about any debts you can’t afford. See the Get support with debts section.
- Book a FREE space on a Multiply course. Improve numeracy skills to help with things like helping children with homework, budgeting. or unlocking job opportunities
- Get on top of money management by using Money Helper’s tools and calculators
- If you receive Universal credit, you can use Money Helper’s money manager tool
- Find out if you are eligible for the Portsmouth Leisure Card, which gives people who are eligible for means-tested benefits discounts on sports and activities in the city
- Find out if you are eligible for Help to Save, a government scheme which pays a bonus to savers who qualify.
- Set a savings goal so you have a safety net for emergencies.