Making the most of your money

How much money do you get and how much are you spending? The key to managing your money is to have more money coming in than going out. Check out these tips to get you started…

Get more money coming in

• Check you are claiming all of the benefits you are entitled to.
• Can you find work, get a second job or work more hours?
• Have you got adult children living with you? Are they paying enough for their keep?
• Could you apply for a grant for help with bills or to buy essentials?
• Could you apply for Child Maintenance?
• Could you get Healthy Start Vouchers?
• Could you apply for the Warm Home Discount Scheme (free electricity credit)?
• Check if you have money in an old bank account.
• Reclaim bank charges and PPI.
• Check your tax code.
• Sell things you don’t need.

Can you spend less?

• Could you get a discount on your water bill? Welsh Water offer reduced bills for certain groups of people.
• Check your Direct Debits. Are you paying for things you don’t use?
• Are you paying a bank account fee? Do you use the services you are paying for?
• Would you be better off with a water meter?
• Could you get a cheaper deal on your utility bills, phone bill, TV and broadband packages?
• Are you struggling because of debts? Get help to sort them out.
• Could you get free school meals?
• Could you get a free bus pass because of a disability?
• What is the childcare offer in your area? Would you save money taking advantage of this?

Keep a spending diary for a month. What could you spend less on?

How about saving?

Do you ever keep some money aside for emergencies and treats? Check out these figures for inspiration…

If you save £2 a week you would have over £100 in a year.

If you save £5 a week you would have £260 in a year.

If you save £10 a week you would have £520 in a year.

Those are some serious savings!