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Budgeting

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

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Budgeting

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  1. Budgeting

  2. Income

  3. Outgoings (expenditure)

  4. Managing your money

  5. Dealing with debt

  6. Income

  7. What is your income? • Wages • Lodger • Maintenance • Child Benefit • Other benefits • Tax Credits • Ebay? Car boot?

  8. Benefit Advice • Contact your Housing Association Welfare Benefit Advice Team • Make an appointment at the Citizens Advice Bureau • Local Council Benefit Team

  9. Expenditure

  10. 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

  11. Priority expenditure?

  12. These are priority

  13. Budgeting

  14. How can we reduce costs? • Travel • Food • Clothes • Stuff!

  15. Sharing

  16. What could you share? Donnington Tool Library 01952 382203

  17. Credit

  18. Credits and Loans

  19. Compare the market! £300 – repaid over 50 weeks

  20. 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

  21. 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

  22. 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.

  23. 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

  24. 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

  25. Don’t bury your head!

  26. 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

  27. Bank account? • Get your budget balanced and start saving. • Create your own ‘credit’

  28. What do youreally NEED?

  29. 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

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