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With the increase in the cost of food, petrol and energy bills, it can be difficult to know who to turn to for financial advice and support.
Financial planning can help you gain control over your finances; however, we understand most employees cannot afford to pay for financial planning services. Below are some practical tips and who you can turn to for free advice.
Practical Tips
With the cost of living pressure affecting so many of us, knowing where your money is being spent is the first steps to helping you manage debt, start saving perhaps or plan for retirement.
Budget Planner
An effective budget planner will have various categories such as food, petrol, utility bills, mortgage, rent, debt, savings. Revisit it and make any adjustments. Once you know what you spend your money on, prioritise what you need do with your money and then stick to it. There are also online tools that can help such as Money Saving Expert – The Budget Planner or Money Helper – Budget Planner.
Use money savings tools
Expense-cutting tools can help you save money. These include comparison websites which can show where a particular item cost less and cashback sites like Quidco.
What to do with spare cash each month
- Save it – search online and check out what banks are offering the best rates for short or long term savings such as ISAs. Seek proper financial advice if needed
- Invest in property or stocks or shares, but please seek advice from a qualified individual or firm
Want some more advice about your money?
These organisations offer financial support and advice including managing debt, but there are many more organisations available.
- Citizens Advice – offer help in finding financial guidance
- Money Helper – a government-backed service offering free financial advice
- Step Change Debt Charity – free and confidential advice on debt problems including budgeting and credit advice
- Shelter – offer advice on housing, debt, benefits, care and health issues
- Age UK – offer financial advice to over 50s
