Top 10 Money Management Tips
- Pay your bills on time to avoid late fees. To maintain a good credit rating, contact your creditors if you are unable to pay when bills come due.
- Know Your Financial Situation. Determine your monthly living expenses, periodic expenses and monthly debt payments. Pay more than the minimum amount on your credit cards every month.
How Best To Manage Debt
No matter how big your problems are, the most important step is to face up to them.
There is often never an ‘easy’ solution to your money problems – but more often than not, debt problems can be resolved with time and effort. Other people have been where you are and managed to turn their situations around.
Here’s some simple but useful advice on how best to manage your debt:
Creating A Budget
Before creating a budget, it’s critical to see where you’re spending your money. If people have never created a budget before, they usually underestimate how much they spend in certain areas (& it’s usually well below what it really is!).
You can start by simply writing down what you spend on a daily basis but ideally you should do it over the period of a month. You can also get a quick idea of the big bills by looking at payments the previous 6 to 12 months (e.g. mortgage, rent, electricity, phone etc.)
Budget Money Management Scheme
The Budget Money Management Scheme (BMMS) is for 1 year and you can renew again when the 12 months end. Prior to the start, each member estimates the expected annual bills under several headings detailed on the special form provided.
To the total estimated figure of bills a further contingency amount is added (Usually 5%) to allow for unforeseen extra expenses. A small charge is made by the Credit Union for managing the budget and when added to the original estimate and contingency amount the grand total is determined.
Where To Start?
Do you struggle to balance everything when it comes to paying your bills?
Don’t worry, you’re not alone and we have a service that helps you to get more control over paying your bills. This simple service relieves a lot of stress and helps you to plan better for the financial drains everyone has to face. Now more than ever, this service is proving to be very useful to our members.
