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Budgeting. May 7, 2015 2 Budgeting Income May 7, 2015 3 Budgeting Outgoings (expenditure)

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Presentation on theme: "Budgeting. May 7, 2015 2 Budgeting Income May 7, 2015 3 Budgeting Outgoings (expenditure)"— Presentation transcript:

1 Budgeting

2 May 7, Budgeting Income

3 May 7, Budgeting Outgoings (expenditure)

4 May 7, Budgeting Managing your money

5 May 7, Budgeting Dealing with debt

6 Income

7 May 7, Budgeting What is your income?  Wages  Lodger  Maintenance  Child Benefit  Other benefits  Tax Credits  Ebay? Car boot?

8 May 7, Budgeting 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 May 7, Budgeting 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 May 7, Budgeting Priority expenditure?

12 May 7, Budgeting These are priority

13 Budgeting

14 May 7, Budgeting

15 May 7, Budgeting How can we reduce costs?  Travel  Food  Clothes  Stuff!

16 Sharing

17 May 7, Budgeting What could you share? Donnington Tool Library

18 Credit

19 May 7, Budgeting Credits and Loans

20 May 7, Budgeting Compare the market! £300 – repaid over 50 weeks Correct as of Weekly Payment %APR Total Cost of Credit Total Amount to Repay Provident £ %£246£546 Shopacheck £ %£225£525 Just Credit £ %£38.08£ FAIRshare Credit Union £ %£38.08£338.08

21 May 7, Budgeting Weekly payment centres Cash price £1, Service Cover + Damage Liability Cover £27.01 per week for 3 years TOTAL COST £4,214.11

22 May 7, Budgeting 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: or visiting their website: www2.crw.gov.uk/pr

23 May 7, Budgeting 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.

24 May 7, Budgeting 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:  You can report a loan shark anonymously:    Text LOAN SHARK and the lender’s details to 60003

25 May 7, Budgeting 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

26 May 7, Budgeting Don’t bury your head!

27 May 7, Budgeting 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

28 May 7, Budgeting

29 May 7, Budgeting Bank account?  Get your budget balanced and start saving.  Create your own ‘credit’

30 May 7, Budgeting What do you really NEED?

31 May 7, Budgeting 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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