#TalkMoney: Top 5 Money Advice Tips

Anglia Care Trust
3 days ago
2 min read

As part of Talk Money Week, Mike has given his top 5 Money Advice tips

Mike Doughty, Operational Co-ordinator for Anglia Care Trust’s Money Advice Service, shares his five steps that can make a big difference to those who are worrying or have already fallen into debt.

Don’t delay

It’s important to start making steps from day one should you feel like you’re falling behind on finances. From my own experience, I’ve seen people waiting as long as 18 months to reach out for help. A first step could be asking a loved one for advice, as a problem shared is a problem halved – from there, you should start looking into the options you have available.

Reach out to a debt support organisation

Debt advice is a free service offered by numerous organisations like Anglia Care Trust. This could be anything from articles online to telephone support services. What’s really important though, if you do look for advice online – is to treat your debt problems just like you would a medical one. Make sure you are getting information from trusted organisations or even better, contact them to arrange an appointment.

Make a budget

One of the first steps you should take if you are experiencing debt or are struggling to make payments is to make a budget. You should start by listing all your income and expenditure – think about everything from your essentials like rent, taxes and bills through to your subscriptions. See if you can get things cheaper elsewhere, or if places offer a social discount scheme. Remember that a budget won’t be set in stone, budgets can change month-by-month. Make sure to revisit it often.

Get your priority bills in place

Like highlighted in the above, it’s important to get your priority bills in place for any current liability – and arrange repayments for any of these debts. Your essentials like rent or mortgage repayment, through to council tax and child maintenance should be seen as a priority. Other debts like your credit card, payday loans or store debts are still important – but it’s worth asking if you can arrange a repayment plan which includes lower monthly payments so as to prioritise the essentials.

Keep as organised as possible

You can’t keep on top of your debts without ensuring you are staying organised.

Make sure to collate all of your bills and letters so you can present them to your support organisation. This will help them better assess your needs and get an accurate picture of your situation – as well as help you identify who you owe money to and how much that is

Chat to your family, friends and colleagues - #talkmoney week is a great time to get chatting and finding out more.