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Things to do before you get a loan
Could you avoid getting a loan? Can you save a few quid every week to put away? If you're thinking of taking out a loan you should look at what you have to pay out each week and see how much you can afford to save. Write down a list of what money you have coming in and what money you have going out.
Can you apply for any tax credits benefits? These are available to people on quite a large range of incomes - check with your local Benefits Agency, local CAB or Independent Advice Centre
MONEY GOING OUT:
Work out with your family how much money you have to pay out each week on basic living expenses.
Mortgage or rent - . You will usually pay it monthly-to get a weekly figure multiply by 12, then divide by 52. Check if you can get any help with your rent if you are on a low income.
Council Tax. Check whether you are entitled to Council Tax Benefit. Council Tax is normally paid in 10 monthly instalments, but some councils will accept weekly or fortnightly payments.
Water rates. Most water companies will accept payments monthly, weekly or fortnightly. You can pay by direct debit.
Gas and Electricity. Work out the cost of your fuel bills - work out what it costs per year as heating is less in Summer. Divide by 52 if preparing a weekly budget, 12 if monthly. If your heating bills are very high, ask your local council about the Home Energy Efficiency Scheme (HEES) See cut bills for ways of saving money on fuel bills.
Housekeeping. This should include food, drink, work lunches, toiletries, cleaning materials etc. and a small amount for entertainment and miscellaneous expenditure. Don't forget to include pet supplies.
School Dinners - can you get these free if you're on low income?
Sundries/Emergencies. This should include irregular outgoings like birthdays/Christmas, repairs, and a "cushion" against emergencies. . Also include any home repair schemes you pay money on.
TV licence. You'll get a huge fine without one.
Court Fines - if you have some then include them.
Maintenance - for children if you get any money from an absent parent.
Travelling expenses. There should include travelling to work, school and for shopping. If you are running a car include tax, insurance, repairs, MOT and servicing as well as petrol as well as any finance agreements you have outstanding.
Free prescriptions. Can you get working tax credit - you can get free prescriptions if you are.
Clothing - you have to buy it so budget it in.
Work out a total outgoings and money coming in. The difference is what you have to spend. If you're sure you're right keep a balance budget going for a couple of weeks and see if you can stick to it. Write down every penny you get and spend and see it is matches what you've written down. If you can't stick to it look at what you spend on other things and find out what else you've missed off.
If you don't have any money over at the end of the week/ month then how will you repay a loan? What can you cut back on? Can you save money somehow? By working out what you spend your cash on you can identify potential savings.
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