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We support our service users on their journey to independent living through individual support plans that help them to deal with any issues preventing them from making positive progress. A key part of the journey is learning the life-skills necessary to eventually live independently.
Living on state benefits means there will always be many conflicting demands on a very low budget, so it is important to identify priorities. Food, rent and basic amenities such as water, heating and electricity should be top of the list.
If you are waiting for your benefits to come through you may be entitled to a Crisis Loan to buy food.
You may also be able to get a Budgeting Loan if you or your partner have been claiming or getting payment of certain benefits for at least 26 weeks.
Another good way to start to take control of your finances is start to think about budgeting. A budget is a list of the income (e.g. wages, benefits, pension) you receive each month and all items you spend money on.
By setting aside a bit of time to create an accurate budget you’ll be able to cut out unnecessary expenses and save money, or stop running up big debts. If you already have debt problems, a budget will show you how much spare cash you have. This will help when you talk to your creditors (those you owe money to), because you’ll be able to make realistic offers to pay them back over a period of time.
The Money Made Clear website has very simple tool to help you to do this. Try the budget calculator for yourself…
Alternatively you can download and print our simple budget sheet (PDF – 40KB – opens in a new window)
Bank accounts are also an important part of managing your money. There are different types to suit your personal situation.
They help you to pay your bills, receive money – such as your salary or benefits and save money for the future or emergencies. For more information on the type of bank accounts available visit the Money Made Clear website – or alternatively download their simple guide… (PDF 788KB – opens in new window)
Further Resources
There are several organisations and charities out there that can help you with budgeting, debt and managing your money. Here are some useful resources and contact details:
Consumer Credit Counselling Service
Free, confidential debt counselling and money management advice…
Alternatively call the helpline on 0800 138 1111
Citizens Advice Bureau
Advice about debt, court action, bank account and gas and electricity bills.
DirectGov
DirectGov also offers a useful guide on dealing with debt problems…
Debt advice foundation
Use these budget calculators and guides to work out:
- how much you can reasonably afford to pay back each month
- how long it will take you to pay back your debts in full
- how to negotiate with your creditors
Best of all, all the calculations and letter writing are done for you!
Budget Planner… (opens in new window)
Guide to money management… (opens in new window)
Credit score checker
Get a loan, mortgage, overdraft, credit card, contract mobile phone or even monthly car insurance and lenders ‘score’ you to predict your likely behaviour. Scoring systems are never published and differ lender-to-lender, and product-to-product. So just because one company rejects you, it doesn’t automatically mean another will.
More information and credit score checker at Money Saving Expert…
Porchlight is not responsible for the content of external websites.
Disclaimer: Our advice section is here to offer you general guidance, however we strongly recommend that you also seek independent professional advice that is specific to your needs.
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