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financial advice

Financial Advice

Money management and budgeting:

Most importantly, do not be embarrassed to ask for help! – you are not alone. Struggling financially is more common than you may think, and this has been exacerbated by the cost-of-living crisis which began in 2021

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Be organised – have important documents in one place – letters, bank statements, payslips

 

Budgeting tools – websites provide them for free to help improve your finances – considers your expenditures, wages etc – giving you your total monthly income and spending as well as your discretionary income (what’s left over)

How to manage your bills:

  • List outgoing payments – how much and when they are due

  • E.g., mortgage, rent, phone bills, utility bills, subscriptions

  • Online banking spending insights – breaks down your spending into useful categories – bills, groceries, eating out, entertainment, savings

  • How to pay – direct debit, standing order, one-off payments

  • Direct debit – informs your bank that a business/service will collect payments from your account on a set date

  • Standing order – regular payment of the same amount on a specified date

  • One-off payments – will not occur regularly

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Citizens Advice: 

  • One can claim benefits for: low-income, sick or disabled, a carer, children

  • “short-term benefit advance” – whilst you wait for a decision on your application and first payment, but you can’t get it for some benefits e.g., housing and child benefit

  • Cost of living payment – if you get certain benefits i.e., Universal Credit

  • Energy bills health – the gov is giving every household £400 off their electricity bills as part of the Energy Bills Support Scheme

  • Welfare assistance or Household Support Fund – your local council can help you pay for energy/water bills, food, essential items

Improving the financial capability of offenders [2010]: 

  • Aim of the report – highlight the importance of working with offenders both within the prison settings and in the community to help them better understand financial matters and manage their finances better

  • Offenders represent a vulnerable group in our society and are particularly prone to financial problems

  • Conviction creates and exacerbates financial problems and can also be linked to re-offending behaviour

  • More than 50% of short-sentenced prisoners reported that having enough money was a key factor in stopping re-offending

  • Programmes focus on benefits, budgeting, dealing with debt, banking, and insurance

Podcast episode – Season 2 Episode  7: 

  • Work out your weekly budget – money coming in compared to money coming out; moneyhelper.co.uk

  • Track what your spending – sort into categories, bills, travel, food, shopping, luxuries

  • Online banking – easy way to check your spending habits

  • Contact Impact to help open an account

  • Money-saving tips with travel - cheapest ways to travel

  • Saving money up and buy a bike – second-hand on Gumtree/eBay

  • Cycle to work scheme

  • Money-saving tips with food - where to shop, deals

  • Go in with a list and stick to the list (not overbuying, wasting food)

  • Less meat – meat is expensive

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Hodge study [2019]: 

  • interviewed over 3,000 people pre-covid

  • 56% of people were embarrassed to ask family for financial help

  • 62% of 35-45 year-olds think it’s embarrassing to ask for financial help

  • 1/3 of pin people their future happiness on financial goals

Financial Capability Survey [2018]: 

  • 21% rarely or never save

  • 22% have less than £100 in savings and investment

  • 17% often use a credit card, overdraft or borrow money to buy food or pay bills

  • 47% do not feel confident making financial decisions

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