Business Magazine

Budgeting Tips for Those on a Low Income

Posted on the 16 January 2014 by Gbmc @gladstonebrooke

Budgeting tips for those on a low income

Budgeting is vital for low income families to make sure they keep their heads above water.

Making slim resources stretch as far as possible takes a lot of careful organisation, but, according to the government’s Money Advice Service, there are steps you can take to make life a little bit easier.

 Work out your budget

Working out a budget gives you a much clearer idea of your finances.  You know how much is coming in and how much has to go out.  Importantly you also know when those events occur and can plan for it. It also shows you where you might have a chance to save money.

Cut costs – shop smart

You may not be able to change the amount of money coming in, but you have a lot more control over what goes out and your budget will show you how you can make savings by cutting out regular purchases which may be non-essential.  Even small things add up if taken regularly.

Have a close look at things like your utility bills and the possibility of switching to another supplier, travel costs, energy saving grants and keep your eye on how much you’re spending at the supermarket and what on.

Claim all the benefits you’re entitled to

If you’re on a low income you will be entitled to help from a number of sources.  Are you sure you’re taking advantage of them all?  Some benefits are one-off payments (like the cold weather payment) but others top up your regular income. Make sure you’re getting all you’re entitled to.

Think twice before you borrow

Prior to April 2013 you could apply for a crisis loan to tide you over a difficult patch.  These have now been replaced by different forms of financial help provided by your local authority covering such things as rent paid in advance, pre-paid meter fuel debt and travel expenses if stranded away from home.

It might also be possible to get an interest free Budgeting Loan from the Social Fund to help with buying things like furniture or household equipment, clothing or footwear, advance rent or removal expenses for a new home, traveling expenses, money to help you start looking for work, improving, maintaining or securing your home.

Beware of other forms of borrowing like payday lenders, log book loans or doorstep lending.  They may be tempting and easy to obtain but could end up making a bad situation worse.

The overall message is: Take control of your finances


You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • IIIT Delhi Placement Analysis

    IIIT Delhi Placement Analysis

    IIIT Delhi is a Delhi based technical university which is creating the buzz for last few years in the country in terms of placement, education culture, faculty... Read more

    9 hours, 7 minutes ago by   Ssankarr
  • Heavy Rockers, Ozone Mama, Announce New Headlining European Tour and Welcome...

    Heavy Rockers, Ozone Mama, Announce Headlining European Tour Welcome Singer

    Big things are bristling on the horizon for Ripple Music's, Ozone Mama!After releasing their critically acclaimed, best-selling album, "Cosmos Calling" with... Read more

    12 hours, 9 minutes ago by   Ripplemusic
  • Train Travels: Malaysia to Thailand

    Train Travels: Malaysia Thailand

    I have now covered this route a bunch of times through the years, having travelled overland from as far as Singapore, up to the... Read more

    12 hours, 28 minutes ago by   Allanmwilson
  • Random Bits of Nature (Snake Warning)

    Random Bits Nature (Snake Warning)

    A very tiny toad -- less than in inch. Blacksnakes kill by constriction. This was an ex-chipmunk by the time I saw it. Read more

    13 hours, 39 minutes ago by   Vickilane
  • Duck Duck Go Founder Asks Google to Sell Them

    Duck Founder Asks Google Sell Them

    So there was an interesting article on CNET today about Google acquired the domain back in 2010 when they acquired ON2. But there is confusion, most... Read more

    14 hours, 11 minutes ago by   Worldwide
  • Concert Review: A Grand Night for D Major

    Concert Review: Grand Night Major

    Michael Tilson Thomas conducts the National Youth Orchestra.</> by Paul J. Pelkonen The players wore red pants: The National Youth Orchestra.Photo © 2018... Read more

    19 hours, 43 minutes ago by   Superconductor
  • OMG - OH My Greenery 24x7

    Greenery 24x7

    Here OMG stands for Office, Home, Market Yard, and Ground. These places by the human being created to secure their social activities. Mostly human destroy the... Read more

    19 hours, 57 minutes ago by   Saurabh Verma

Paperblog Hot Topics