Presentation on theme: "Budgeting. May 7, 2015 2 Budgeting Income May 7, 2015 3 Budgeting Outgoings (expenditure)"— Presentation transcript:
May 7, Budgeting Income
May 7, Budgeting Outgoings (expenditure)
May 7, Budgeting Managing your money
May 7, Budgeting Dealing with debt
May 7, Budgeting What is your income? Wages Lodger Maintenance Child Benefit Other benefits Tax Credits Ebay? Car boot?
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
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
May 7, Budgeting Priority expenditure?
May 7, Budgeting These are priority
May 7, Budgeting
May 7, Budgeting How can we reduce costs? Travel Food Clothes Stuff!
May 7, Budgeting What could you share? Donnington Tool Library
May 7, Budgeting Credits and Loans
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
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
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
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.
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
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
May 7, Budgeting Don’t bury your head!
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
May 7, Budgeting
May 7, Budgeting Bank account? Get your budget balanced and start saving. Create your own ‘credit’
May 7, Budgeting What do you really NEED?
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