#FinCapWeek – Budgeting Advice
During Financial Capability Week, Apex’s Financial Inclusion Officer, Michael Lyttle, will be publishing different articles each day on how tenants can improve their financial standing and today is about budgeting.
There is no better way to control finances than with a budget. Unfortunately some people are put off drawing up a budget for various reasons:
• Lack of time
• Lack of confidence
• Prefer not to know
• Or they find it difficult
Creating a budget will allow tenants to know how much is coming in each week or month and what essential expenses have to be paid out. This in turn will focus the mind on possible savings that could be made. For example by spending 30 mins looking at alternative energy suppliers you may save up to £300 per year by switching.
In addition having a bank account and internet banking will better enable tenants to control of finances by having daily access to their account but if you are not confident with internet banking a small diary is a great alternative.
Budgeting also allows for planning ahead to help avoid a future large bill. For example many oil companies now provide swipe cards allowing clients to save from week to week so that when they need to order oil there is already a lump sum saved. Some Council areas also offer a fuel stamp savings scheme where stamps can be bought for as little as £5 and saved up over time.
If you are interested in attending a budgeting course with Apex please get in touch with Michael Lyttle on 02871 304800 for further information.