Debt management tips - Top 20 tips to Beat Debt
1 - Check whether you’re entitled to any additional benefits such as Jobseeker's Allowance, Maternity Benefit, Income Support or Working Family Tax Credit.
2 - Check whether you’re entitled to any help with rent or Council Tax.
3 - Reduce electricity bills by not leaving appliances on standby. Switch off lights when not in use. Lower the thermostats on radiators to reduce heating costs.
4 - If you are unemployed or unable to work through illness check if you have payment protection insurance on your mortgage, loans or credit cards; you may be able to have your payments made for you.
5 - Supermarkets' own brands can often be just as good as the well-known brands but cheaper.
6 - Shop once a week and plan your food. Preparing packed lunches could save around £50.00 per month. Freeze left-over food and re-use.
7 - Cut down on eating out and take-aways.
8 - Drive a small economical car and save on insurance, tax and fuel.
9 - Instead of using the car for short journeys, consider walking, using a bike or public transport. This will save a surprising amount of money while also improving your fitness and health.
10 - Use your local library for books, CDs, DVDs and videos.
11 - Enjoy family activities that don’t cost money. Many museums, galleries and parks are free and make great days out.
12 - Don’t browse around shops and stores; make a shopping list and stick to it.
13 - Try to cut down on cigarettes or, if you can, give them up completely.
If you need help in stopping smoking http://www.gosmokefree.co.uk/ provides advice and tips on quitting cigarettes.
14 - Sell unwanted items in the local classifieds or on the Internet - many newspapers offer free advertisements.
Useful links:
http://www.ebay.co.uk
http://www.gumtree.co.uk
http://www.loot.co.uk
15 - Cut down on nights out and drink alcohol in moderation.
16 - Look how to gain study grants. You may be able to study part time to improve your prospects while you work.
17 - Research childcare in your area. There may be council/church-run nurseries and sometimes grants are available. Use family whenever possible for baby-sitting.
18 - Check for work opportunities closer to home. Consider the additional costs of your job e.g. childcare, travel time and expense.
19 - Reduce monthly subscriptions to mobile phones, Internet and satellite television.
20 - Take holidays at off-peak times and choose less expensive packages e.g. self catering.
- Debt Management Programme
- Individual Voluntary Arrangements
- Trust Deeds for Scottish residents
- Managed bank accounts
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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).
DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).
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