Money worries
If it wasn’t for sex and money we’d all lead peaceful, stress-free lives.
The good thing about trying to solve money problems is that the solution can be explained in pretty simple terms – i.e getting income and outgoings to be roughly the same. With a bit of planning and some basic maths we should be able to balance the books.
Claim benefits
Life can be difficult if you’ve got a limited amount of money coming in so it’s important to claim any benefit you’re entitled to. Check entitlements out at:
- Local Job Centre Plus.
- Local Citizens’ Advice Bureaux.
Claiming benefits sometimes involves completing long, complicated forms which can be a bit of a bastard to fill in – so don’t be afraid to ask for some help.
Dealing with debt
As soon as you start getting bills there’s the danger you can get into debt. This can happen if we underestimate how much they’re going to be or we’ve spent too much on other stuff and haven’t got enough money left to pay them. If this happens and we fall into debt it’s important to tackle the problem as soon as possible:
- Let the people you owe money to know you’re having problems paying them back
- Don’t ignore any demands sent to you. The cost of reminder letters and phone calls can be added to your debt by your creditor (the person you owe money to).
- Make a list of all your income and all your outgoings. This way you know where all your money is going to, and how much you’re living beyond your means.
- Put your debts in order of importance, paying off those which help to keep a roof over your head first.
Prioritise your debts
- Rent/mortgage arrears
- Council tax arrears
- Fuel debts
- Water rates
- 2nd mortgage/loan secured on your property
- Hire Purchase debts
- Maintenance Payments
- Court fines
Failure to pay these sort of bills could result in you losing your home or having legal action taken against you.
When you’ve worked out your income set aside money for essentials like food, and set yourself a budget to live off.
Get help
Getting out of debt may mean you have to make sacrifices, but if you get your finances sorted out it will be a great weight lifted.
The important thing is to get it sorted out before the debt starts getting larger and larger. Ignoring the problem won’t make it go away.
Get help and speak to someone such as a debt counsellor (at your local Money Centre). Taking action will help to ease some of the stress and pressure money worries cause.
