How to avoid getting cash strapped in 2021

Read on to discover their top money and budgeting tips below:

Work out a budget

Staying in control of your money means having as much information on your income and outgoings as possible. Use an online budget planner to track your spending and work out what you can afford. This will help prevent you ending up in debt or getting caught out by unexpected costs, and in a better position to save for the future.

There are also some great free budgeting apps available and your bank might have an online budgeting tool that takes information directly from your transactions. You can also download the personal budget sheet from our website.

Check your benefit entitlement

If your income has changed it is important to check that that you are claiming all the benefits you are entitled to. Check your benefit entitlement.

Tips for saving money

• Use comparison sites to check you’re getting the best deal on contracts like gas, electric, phone and insurance. 
• Keep a spending diary – you might be surprised how much you spend that could be saved.
• Try to cut back on non-essential spending such as takeaways, smoking, alcohol etc. and cancel subscriptions you don’t use or need anymore.
• Save on petrol and bus fares by walking as much as you can. 

Save for the unexpected

It’s a good idea to include money on your budget planner to save for unexpected expenses such as repairing or replacing a fridge, cooker, washing machine or car and things like birthdays, Christmas and other religious festivals, children’s pocket money and school trips.

By putting small amounts aside regularly you will be able to cope with these events without having to miss payments on other things, especially your rent. It’s a good idea to keep your savings in a separate account from the one you use for day-to-day income and outgoings. Check out Help to Save Account from the Money Saving Expert for more tips and advice on saving.

Get help with debt problems 

Our Welfare Rights & Money Advice team can help with debt and money worries. The team offers free confidential advice to help you budget manage your debts. Get in touch or call 023 8083 2339 for a confidential chat.