310 likes | 494 Views
Budgeting. Income. Outgoings (expenditure). Managing your money. Dealing with debt. Income. What is your income?. Wages Lodger Maintenance Child Benefit Other benefits Tax Credits Ebay? Car boot?. Benefit Advice. Contact your Housing Association Welfare Benefit Advice Team
E N D
What is your income? • Wages • Lodger • Maintenance • Child Benefit • Other benefits • Tax Credits • Ebay? Car boot?
Benefit Advice • Contact your Housing Association Welfare Benefit Advice Team • Make an appointment at the Citizens Advice Bureau • Local Council Benefit Team
What is Expenditure? • Rent • Service charges • Council tax • Child support • Water • Contents Insurance • Life Insurance • Car Insurance • Pension • Pets • Telephone • Internet • Alcohol and cigarettes • Gas, Electric • Wood • Housekeeping • Food • Travel • TV + Licence • Fines • Loans • Hire Purchase • Clothing • Prescriptions
How can we reduce costs? • Travel • Food • Clothes • Stuff!
What could you share? Donnington Tool Library 01952 382203
Compare the market! £300 – repaid over 50 weeks
Weekly payment centres Cash price £1,654.74 + Service Cover + Damage Liability Cover £27.01 per week for 3 years TOTAL COST £4,214.11
Loan Sharks • A loan shark is an illegal money lender • A legal lender will be registered with the Office of Fair Trading. You can check if a lender is registered by contacting the Consumer Credit Register: 020 7211 8608 or visiting their website: www2.crw.gov.uk/pr
Loan sharks tend to: • Offer loans on very bad terms • Charge an extortionate rate of interest • Harrass people who get behind with their payments • Pressure people into borrowing more money to repay one debt with another • Suggest that borrowers will be prosecuted or sent to prison if they don’t repay their debt – this can’t happen as they are not legally registered lenders.
Already used a loan shark? • You are under no legal obligation to pay back a lender who is not properly registered. • You should contact your local Trading Standards office immediately: www.tradingstandards.gov.uk/advice • You can report a loan shark anonymously: • 0300 555 222 • reportaloanshark@stoploansharks.gov.uk • Text LOAN SHARK and the lender’s details to 60003
Reduce your spending Use your local Credit Unions! Owned by its members Secure savings Affordable loans Responsible lending Fully regulated Free protection on all savings and loans
If Debt gets OUT OF CONTROL Red Bills…if you fail to pay on time Bailiffs…calling at your home Attachment of earnings…if you are working Bankruptcy…will mean no loans, no holiday, no car Arrest…if you fail to comply with a Court Order Prison…for Contempt of Court
Bank account? • Get your budget balanced and start saving. • Create your own ‘credit’
Budgeting summary • Work out your budget • Check you have maximised your income • Minimise your expenditure • Get a bank account • Use credit unions if you need a loan