1. Budgeting

2. May 7, 2015 2 Budgeting Income

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

4. May 7, 2015 4 Budgeting Managing your money

5. May 7, 2015 5 Budgeting Dealing with debt

6. Income

7. May 7, 2015 7 Budgeting What is your income?  Wages  Lodger  Maintenance  Child Benefit  Other benefits  Tax Credits  Ebay? Car boot?

8. May 7, 2015 8 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, 2015 10 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, 2015 11 Budgeting Priority expenditure?

12. May 7, 2015 12 Budgeting These are priority

13. Budgeting

14. May 7, 2015 14 Budgeting

15. May 7, 2015 15 Budgeting How can we reduce costs?  Travel  Food  Clothes  Stuff!

16. Sharing

17. May 7, 2015 17 Budgeting What could you share? Donnington Tool Library 01952 382203

18. Credit

19. May 7, 2015 19 Budgeting Credits and Loans

20. May 7, 2015 20 Budgeting Compare the market! £300 – repaid over 50 weeks Correct as of 11.03.11 Weekly Payment %APR Total Cost of Credit Total Amount to Repay Provident £10.50272.2%£246£546 Shopacheck £9.99230.2%£225£525 Just Credit £6.5126.8%£38.08£338.08 FAIRshare Credit Union £6.5126.8%£38.08£338.08

21. May 7, 2015 21 Budgeting 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

22. May 7, 2015 22 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: 020 7211 8608 or visiting their website: www2.crw.gov.uk/pr

23. May 7, 2015 23 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, 2015 24 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: www.tradingstandards.gov.uk/advice www.tradingstandards.gov.uk/advice  You can report a loan shark anonymously:  0300 555 222  reportaloanshark@stoploansharks.gov.uk reportaloanshark@stoploansharks.gov.uk  Text LOAN SHARK and the lender’s details to 60003

25. May 7, 2015 25 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, 2015 26 Budgeting Don’t bury your head!

27. May 7, 2015 27 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, 2015 28 Budgeting

29. May 7, 2015 29 Budgeting Bank account?  Get your budget balanced and start saving.  Create your own ‘credit’

30. May 7, 2015 30 Budgeting What do you really NEED?

31. May 7, 2015 31 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