Taking steps to improve how you manage your money will help you deal with any changes to your benefits.
Taking steps to improve how you manage your money is really important, not least because it will help you if you are unable to pay your bills due to any benefit changes.
Budgeting gives you an accurate picture of your financial situation and can help you to:
- make decisions about purchases, as you’ll know whether you have enough left over to pay your rent and other bills
- identify where you can make changes to your spending habits if you’re struggling to cover your costs.
- make your money go further by helping you get into a saving routine if you have any money left over each month.
Setting up a budget will mean you’re:
- Able to pay your rent and household bills
- Less likely to end up in debt
- Less likely to get caught out by unexpected costs
- More likely to have a good credit rating
- More likely to be accepted for a mortgage or loan
- Able to spot areas where you can make savings
- In a great position to save up for things you haven’t previously been able to afford
You can get lots of useful information and advice from the Money Advice Service, including a free online financial health check, budget planners and money-stretcher/cut back calculators.