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Start by listing out everything you spend. You’ll need to work out how much you spend on:
It’s also a good idea to get everyone in your family involved with keeping to a budget.
Sit down together and make a plan that you can all stick to.
Split your costs into wants and needs and agree between you what you’ll each have to spend. If you can’t afford all your wants, decide what matters most to you or look at ways of cutting costs.
It can be difficult to increase the amount of money you have coming in, but you have much more control over what goes out.
On top of your mortgage or rent, some bills are essential and should be prioritised. These include:
It’s worth checking with your existing provider that you're on the best tariff for your needs or shopping around to see if you can get a better deal. You can also check you’re paying the right amount for your Council Tax or Rates.
Cutting costs is easier than you think. Follow our tips in our guide How to save money on household bills
To work out what exactly you have coming in, the essentials you need to cover each week or month and where there might be room to cut back, it's best to create a budget.
There are loads of tools, calculators and apps that can help you prepare a complete budget but just writing it down on a piece of paper is fine too.
You'll need an hour or two the first time to put in all the figures, but once you’ve done it, things will get easier.
Our free Budget Planner only takes 20 minutes to fill in and can help you review your household spending and prompt you to think about things you may have forgotten to include
You don’t need fancy spreadsheets, online planners or apps to do a budget.
You can use an exercise book, piggy bank or the jam-jar approach to keeping your money in separate pots to cover your bills and payments.
You can do it with real jam jars or find a bank account that allows you to do the same.
Remember though, a bank account will be safer than having lots of cash in the house.
Want to stay in control of how you spend your cash? Find out how in our guide Managing your money using saving pots, jam jars or piggybanking
Get money-saving tips and support from a community of savers in our private Budgeting and Saving Facebook group.
In this group, we share ideas and support to help members on their savings journey. For example, you can post anonymously about a money issue you’re having and get opinions from other members on how to deal with your situation.
Get started and join our private Facebook groupOpens in a new window
Staying in a workplace pension is an easy way to save for your retirement, especially as your employer, in most cases, must contribute to it. But if you’re dealing with unmanageable debt, it might make sense to stop your contributions for now.
You can always re-join your employer’s workplace pension scheme later when you’ve got things under control. If your debts are a problem, read our guide Automatic enrolment if you have debts.
Remember, if you stop or reduce your pension contribution, you might be missing out on valuable retirement benefits. These include:
contributions your employer makes into your pension pot, so opting out is like turning down pay
tax relief (money that would have gone to the government as tax that goes into your pension pot instead)
benefits that your scheme might pay if you fall ill and are unable to continue working before reaching your retirement date, and
benefits the scheme might pay to your dependants if you were to die.
To find out what benefits you might lose, check the booklet about your pension scheme or ask your employer or the pension provider for a copy if you don’t have it.
Need more information on pensions?
Call us free on 0800 011 3797 or use our webchatOpens in a new window. One of our pension specialists will be happy to answer your questions.
Opening times: Monday to Friday, 9am to 5pm (helpline), 9am to 6pm (webchat). Closed on bank holidays.
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If you’ve lost control of your finances, creating a budget can help you get back on track. We all need to budget in our lives to have a better quality of life. Then, you won’t lose sleep, wondering how you’ll pay your bills.
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If you’re struggling to pay your Council Tax or Rates, contact your council straight away and tell them about your situation. Don’t wait for them to contact you. Falling behind – even by one monthly payment – can be quite serious. All councils have schemes to help you manage your payments in smaller amounts.
They might be able to offer:
There are a few government schemes that you might be eligible for to help soften the impact of increased costs of living.
Find your local council to get in touch:
If you live in England, visit GOV.UKOpens in a new window
If you live in Wales, visit GOV.WALESOpens in a new window
If you live in Scotland, visit mygov.scot Opens in a new window
If you live in Northern Ireland, visit nidirectOpens in a new window
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