Finance and Budgeting

This page is about dealing with money and covers the following areas:

  • Practical Money Skills

  • Spending Money and Budgeting Household Expenses Maximising your income

  • Tips to save Money

  • Where money comes from Personal banking

  • Where can I keep my money Different types of bank accounts

  • Understanding Utility Bills Paying Utility Bills

  • Dealing with Debts

  • How to access Support

  • Decisions making and Problem solving Insurance

  • What insurances may I need

  • Different types of insurance.

This will help you to gain:

  1. An understanding of basic budgeting and financial issues needed when living independently.

  2. To gain new skills and improve on existing skills.

  3. To an understanding that will assist in identifying problems before these escalate.

  4. To an awareness of help and support.

How can financial problems affect people?

Financial problems can affect peole in many ways. Here are some of the main ways people can be affected by financial problems:

  • Homelessness

  • Socially isolated

  • Withdrawn

  • Avoidance

  • Gamble

  • Loss of self worth

  • Stress

  • Depression

  • Suicide

  • Mental health problems

  • Family break ups

  • Relationship difficulties

  • Domestic abuse

  • Alcohol & Drug abuse

  • Not being able to eat properly

Managing your money well leads to a better quality of life, improved health and improved relationships.

What effect do you think debt problems can have on your wellbeing?

Here are some of the main effects debt problems can have on your wellbeing:

  • Sleeping difficulties

  • Emotional problems

  • Physical pain

  • Eating disorders

  • Self harming

  • Alcohol abuse

  • Drug abuse

  • Domestic violence

  • Panic attacks

  • Crime

Feeling ashamed

  • Low self-esteem

Tips for managing your money

Here are some of the best ways to manage your money:

  • Open your post.

  • Get advice.

  • Deal with bills.

  • Review your circumstances.

  • Stay organised.

  • Tips for managing your money

  • Know how much you have.

Check you have enough money for essentials.

  • Collect any money due to you.

Needs and Wants

What are some of our basic needs?

What are some of our wants?


Needs : Food, Heat, Water, Clothes, Shelter

Wants: Holidays, CDs, Nights Out , Treats, Savings


When we work out how much we spend its often the little things we ignore.

Make a list of all the little things you spend your money on.


  • Bread (4 times a week)

  • Milk (once a day)

  • Sweets (5 times a week)

  • A sandwich (5 times a week)

  • Newspaper (5 times a week)

  • Chips (twice a week)

  • Tea and coffee (5 cups a week)



Your Budget

Here are 5 things you can do to help you budget:

  • Divide your spending into budget areas.

  • Decide priority budget areas.

  • Examine your budget for Needs and Wants

  • Make sure you can pay for your needs by cutting out the wants.

  • Use the Simple Income/outgoing sheet below. It's very easy to use

Maximising your Income

There are many different Benefits that can be claimed. It is important to get advice from an advice centre, such as the Citizens advice, to be sure you are claiming every benefit you are entitled to.

You can also find out about different Benefits at the website of the Department for Work and Pensions.

If you have been told in the past that you don’t qualify for benefits it is worth checking again as your circumstance may have changed.

Help I’m Spending too much.

Its easy to overspend running a home uses a lot of money. 
Focus on bulk buying and cheaper shopping

You cant buy happiness, or find it in an empty glass or by gambling your way out of debt. Don’t get credit if money is tight.

Try to save money on fuel bills.

Its easy to overspend. Running a home uses a lot of money.

Here are some things to think about that might save you money.

Buying food at a supermarket can be a lot cheaper than using a local shop. Many of us, when we feel depressed or under pressure buy things we don’t really need, just because it makes us feel better.

Drink or drugs may provide a temporary escape but as well as health problems they can also cause severe, ever- deepening money problems. Its very tempting to think you can solve all your money problems with a big win on the horses, or by winning the National Lottery.

When you borrow money you make a promise to pay it back. If you know that you can’t afford to pay it back before you borrow it then you may be accused of fraud.

How can we save money around the house?

There are many ways to save money around your home with a little thought you could start to make real savings straight away.

Think about ways you could save.

The following picture might give you some ideas:

If you want to feel rich, just count the things you have that money can’t buy...

Shopping tips to help you save money

Here are some ways that money can be saved whilst shopping:

Saving Money on food and electricity

Here are some ways that money can be saved on food and electricity:

Implications of finance

When dealing with debt , as a consumer and customer you have certain rights, but you also have responsibilities.

If you live somewhere you use services. You use electricity and/or gas and you need water. If you are using them then you have to pay for them.

Here are some top tips if you are struggling with your budget:


Have a think:

  • Who I owe money to (debt)...?

  • What happens if I do not pay?

  • What debts should I give the most priority?

Prioritising your debts

Some debts are more urgent than others, because they involve different risks. Various types of creditor have different rights under the law, so they can use different ways of getting their money back. If you don’t act quickly some creditors could:

  1. Take away your home (repossession)
 or cut off your gas or electricity (disconnect). - Note that your water company cannot disconnect your water supply.

Send in the bailiffs to take furniture from your home.

  3. Ask the magistrates court to send you to prison.

Don’t worry-you will always be given warning and provided you act quickly you should be able to stop these things happening

Don’t get in with a loan shark.....

Loan sharks are unlicensed lenders, they operate illegally and away from any sort of regulation that governs the financial in to the financially vulnerable but industry.

They are prepared to lend charge astronomical interest and the borrower is not protected by any form of contract or terms and conditions.

it will cost you an arm and a leg.

Different ways of paying your bills.

There are many ways you can pay your bills. Choosing the right method for you can give you more control and even reduce costs:

  1. Paying by monthly direct debit

  2. Paying by standing order

  3. Regular payment plan

  4. Prepayment meters

  5. Quarterly bills

“The real measure of your wealth is how much you’d be worth if you lost all your money.”


None of us know what is going to happen to us in the future but what we do know is accidents happen.

What you can do is protect yourself financially against something going wrong at some point in the future.

Taking Out Insurance

There are hundreds of insurance policies on offer and you can buy them from many different places.

It is important to read an insurance policy carefully before signing it to make sure it provides the cover you are expecting and you are aware of the cover it might exclude.

Different types of insurance, general insurance and life ,income and health insurances.

Free Confidential Debt Advice

Here are some resources for you to help with finances and budgetting:


  • Stepchange –

  • National debtline –

  • Christians against poverty –

  • Money Advice Trust –


  • Citizens Advice – Citizen Advice for consumer –

  • Financial Conduct Authority –


  • Mind (for mental health problems)

  • Samaritans –
GamCare –
GambleAware –

  • Shelter –