Money Matters - Debt Advice Topic of the month at IPS
We live in a society where borrowing money is ‘the norm’ but be careful and make sure you do not take credit out due to peer pressures such as brand and image. What actions can be taken to manage money more effectively?
- Make sure that you can afford to spend
- Do not take on credit due to peer pressures such as brand or image
- Track your spending - make a list of income and outgoings to identify anywhere you can make cut-backs
- If you need to spend, spend smartly – look for the best deals and don’t buy on impulse
The real Living Wage is the only UK wage rate based on the cost of living.
Over 460,000 employees have received a pay rise as a result of the Living Wage campaign. The Living Wage rates for 2023-24 were announced on the 24th of October 2023. Employers will then have 6 months until May 1st to implement them.
£11.44 across the UK
These rates are for the National Living Wage (for those aged 21 and over) and the National Minimum Wage (for those of at least school-leaving age). The rates change on 1 April every year. See more
According to Martin Lewis of moneysavingexpert.com "The problem with most budgets is they don't work. While they look at a typical month's spending, what about birthdays, that tooth filling you to pay for and other one-offs?"
To help you budget, moneysavingsexpert.com created a free downloadable spreadsheet where you can detail all your income and outgoings. Choose one of the two available versions of the budgeting tool: an Excel or Open Office version, depending on if you prefer spreadsheets or a good old-fashioned printout.
Did you know something as small as being on the electoral register and being registered to vote in General Elections can improve your credit rating? If you are not on the electoral register, you can Google your local council and get yourself on there.
According to fincap.org.uk "18-24-year-olds face crucial transitions to adulthood, including first experiences of debt and borrowing. Although they report high levels of financial worry, they are comparatively unlikely to seek support. While 21% of over-indebted people in the UK are aged 18-24, a much smaller proportion (12%) of people seeking debt advice fall within this age group. More than 1.8 million people aged under 25 years are experiencing financial difficulty as they embark into adulthood."
Money Advice Trust commissioned YouGov to conduct an online survey of 18-24-year-olds in August 2016 about their attitudes to and experience of credit and debt. 2,042 people were interviewed and the sample was weighted to be representative of adults aged 18-24 in Great Britain. Findings are supplemented by relevant data from other sources. The report also sets out a series of policies that could improve the situation and provides tips for young people themselves.
Here are some sources for more advice and guidance: