FINANCE
Financial tips and advice We can all agree that changing bad money habits or trying to find new and creative ways to make money stretch further is not always easy. Financial health can play a large part in our overall wellbeing as we worry about where every single penny is going. As prices continue to rise on everyday necessities this year, its important to know where you can find support, how you can spend with intention and where there may be money to be saved to help keep your finances manageable.
Food surplus services
Useful websites worth bookmarking
Help reduce food and household waste and possibly save yourself money at the same time: www.toogoodtogo.co.uk Reduce food waste and with end of day discounts at cafes, restaurants and supermarkets
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www.moneysavingexpert.com www.moneyhelper.org.uk www.ofgem.gov.uk
www.olioex.com A local community based way to give and share free food and drink as well as lend and borrow household items
Make sure you track your budget It can be tricky to keep track of your budget, but being aware and remaining consistent with your spending can help you to keep on top of things. Sometimes laying it all out of a simple spreadsheet or bit of paper can help you to see where your money is going and if there are any surprising spending habits you may be able to change. Example
Personal Monthly Budget Income Item Water Gas Electric Council Tax Internet Petrol / Diesel / Transport Food shopping Entertainment (e.g. TV Licence) Birthdays Clothes Other Other Other Other Other Other Other Other Other Total
£1,000.00 Quantity Cost Total 1 £30.00 £30.00 1 £60.00 £60.00 1 £60.00 £60.00 1 £150.00 £150.00 1 £50.00 £50.00 1 £100.00 £100.00 1 £150.00 £150.00 1 £40.00 £40.00 3 £15.00 £45.00 1 £100.00 £100.00 1 £300.00 £300.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £1,085.00
Disposable income (D.I) DI per day (31 days)
Collect all your statements and receipts together Successfully budgeting means you need to accurately record your incomings and outgoings, accounting for monthly bills, as well as birthdays and other one off spends. It is recommended you start by looking at your spend for the last three months.
Fill in your budget planner -£85.00 -£2.74
Example budget sheet people development coordinator, Jordanne McMullan uses to help her plan her monthly budget.
This will help you to understand if you are spending more than you earn, or if you could be putting left over funds into savings for a rainy day.
If you find you are overspending Look at where you may be able to reduce spending – this could be on credit cards, bills and mortgages, but also on your weekly shop or childcare costs. Money Saving Expert has an excellent step-by-step ‘money makeover’ guide, which helps to show you how to look at and overhaul your finances. www.moneysavingexpert.com/family/money-help
