Managing Money
Saving up for something, paying off debts, or just want to cover your costs in the months ahead? Making ends meet on a low income is not easy, but planning ahead can help you make the most of your money, and take the worry out of dealing with debt.
If you are in debt and need help and advice, check out the listed web sites or call one of these local organisations for advice and info:
Leicestershire County Debtline
0844 2480 040
Leicester Debtline
Monday 1pm to 5pm
Wednesday 3pm to 7pm
Thursday 9am to 1pm
0800 626 359
Leicester Money Advice Centre
0116 2421120
or call the National Debt Line for free advice on 0808 808 4000
Real life stories
Sarah and Caroline were both at college and had part-time jobs. Both needed to save money for different reasons.
Sarah,
17
"I wanted to go on holiday with my friends so I had to save"
Click here to see Sarah talking about saving money
Caroline,
18
"I wanted to save so I could learn to drive"
Click here to see Caroline talking about saving money
Budgeting
Budgeting can help you to stay out of, or get out of, debt. All you have to do is make sure that you don’t spend more money than you have coming in.
Your budget plan can be as simple as making a list of what you spend money on each week/month and what you earn. Then do what you need to do if the figures don’t add up – either try to earn more or spend less!
EnvyDo you know the real cost of a lavish lifestyle?
The Envy game challenges you to guess the cost of flashy jewellery, expensive cars, and designer clothes.
Gambling
Whether it’s fruit machines, Lottery scratch cards, or the local betting shop – gambling can get out of control. If you are concerned about your ‘habit’ seek some help. Call the GamCare Helpline on 0845 6000 133
Listen
to TheSite.org talking to
Adrain Scarf head of clinical services at GamCare about gambling
and the effects it can have on you.
Click here to listen advice on gambling addiction
Loans
Loans give you the chance to borrow a set amount of money over a period of time. Interest rates can be higher than credit cards or overdrafts – always shop around for the lowest rates. You have to be 18 to take out a loan.
Often the best place to start when it comes to raising money is your own bank or building society, but shop around as the loans market is highly competitive.
Beware of Loan Sharks
Unlicensed lenders, sometimes known as loan sharks, will offer money to those in need of cash. However, there is always a major catch - how much has to be paid back. There are many cases of people borrowing a small sum of money and paying double or triple that original sum in interest.
If you've had trouble getting a loan, don't be tempted by someone who comes to the door with what might seem like a good deal. Check the small print. Don't sign anything straightaway and always take advice if you're in any doubt. Anything that seems too good to be true, often is.
You should always look for a lender who is reputable and before
you sign anything check the small print so you understand fully
what the conditions are. If you are unclear about the loan and the
amount of interest you will pay, ask the lender for the information
you need.
Last updated: 01-Oct-2009
