There are many reasons to keep a budget including being able to live comfortably now and be able to plan for the future. Other reasons include:
Follow these key principles when budgeting:
For help with completing your budget, you may want to use the Money Advice Service budget planner
Tips for dealing with debt:
If you are worried about debts, please contact our Tenancy Sustainment Officers on 0300 123 1567.
Other organisations that can give free, independent advice on financial issues include:
Priority debts are those that carry the most serious consequences if you don’t pay them.
These don’t have to be the largest debts or have the most expensive interest rates, but if you don’t pay them it could lead to serious problems. Priority debts include:
Why you should pay off priority debts first
The consequences of not paying off priority debts could be:
What are non-priority debts?
The consequences of not paying non-priority debts are less serious.
If you don’t pay non-priority debts, your creditor could eventually take you to court or instruct bailiffs to collect money from you. Your non-priority debts include:
Having trouble with opening a bank account or being charged when your direct debit or standing order fails?
Bank customers across Britain can now access fee-free basic bank accounts. The accounts are available to anyone who doesn’t already have a bank account, is ineligible for a standard current account or who can’t use their existing account due to financial difficulty.
The new accounts – which do not add charges for failed direct debits or standing orders – remove the risk that basic bank account customers will be forced into overdraft because of fees and charges.
The banks and building societies that have signed up to offer a basic bank account are: