If you’ve lost control of your finances, creating a budget can help you get back on track. We all need to budget in our lives to have a better quality of life. Use our simple Budgeting Tool to help you work out how much money you have coming in, what you are spending and what you have left over to pay your debts. Once you have completed your budget it can be used by one of our specialist debt advisers to help advise you or for negotiating with your creditors. Find ways to boost your income – If you’ve got little or no money left to make up the shortfall of higher living costs, find out about other sources of income and support available to help you manage your money.
- You might be entitled to benefits you didn’t know about
- Many charities, professional, faith and other local organisations offer grants
- If you’re facing job loss, redundancy or illness, you might have insurance cover you didn’t know you had. Accident, sickness and unemployment cover or legal cover can sometimes be included as an add-on to mortgage agreements, packaged bank accounts or home/car insurance
- If you have a spare bedroom in your home, you might want to consider renting it out under the Rent a Room scheme, which lets you earn up to £7,500 a year in rental income without paying tax on it
- Make sure you claim the government’s ‘Cost of Living support’
For more detail on the tips above, visit https://www.moneyhelper.org.uk/en/money-troubles/way-forward/squeezed-income#find-ways-to-boost-income
Get in touch
If you need more financial advice or help solving a debt problem, contact GMMAP today. Getting in touch is easy. You can find your local office at https://www.gmmap.org.uk/locations/