Money advice

Taking control of your finances

Managing your finances and making sure you can meet your commitments is vital in ensuring a contented and balanced life. In normal circumstances that’s a much easier thing to achieve. Yet, during an economic recession additional unexpected pressures are brought to bear and these have the potential to knock your financial plans off course.

For this reason, it’s important for you to be very proactive in the way you manage your financial affairs in order to realign your priorities. So don’t put things off; deal with your financial issues as they arise … and always remember that there are plenty of places you can get help when you need it.

Debt counselling

There are a number of organisations who can help you if you need advice about how to manage your debts. It is important that you try and address these issues as soon as you possibly can. See the Financial Help Contacts List for details.

Credit unions

A Credit Union is a savings and loans co-operative, that is owned and run by its members. All are regulated by the Financial Services Authority.

Details of those Credit unions in Swindon are detailed in the Financial Help Contacts List.

Credit tips

In an ideal world, it’s always best to avoid getting into any debt at all and to plan and budget for expenditure. However, in a recession it isn’t an ideal world and, when you need to buy a large item, it may be that entering into a credit agreement is the only option available. So it’s always wise not to rush into things and be careful to select the right option that doesn’t overstretch your capability to repay the debt.

Think about some of the following:

• Don’t buy on impulse because you’ve seen a special offer or discount good advice is always to ‘sleep on it’ and see how you feel about it the following day. You’d be surprised, how people ‘cool off an idea when they’ve had a chance to think it over more carefully.
  
  
• Always shop around for the best deal – maybe it can be bought cheaper from another source … for example, sometimes prices online can be lower than in-store prices.
  
  
• If you’re dealing face-to-face, always remember to negotiate the price. Think of a price label as an invitation to negotiate … maybe a lower offer would be acceptable and you lose nothing by politely asking the question. Remember, shops and businesses are affected by recession too and may be happy to sell at a lower price in order to improve their cashflow.
  
  
• Work out the real cost of buying on credit and check the Annual Percentage Rate (APR). Check out the amount of interest that you’ll have to pay over the term of the loan and how much that works out at on average per instalinstalment.
  
  
• Is the interest rate on a loan fixed or variable?. Remember, the repayments on a loan might be achievable when interest rates are low, but would you be able to cope if the rates rose again.
  
  
• Don’t take on a loan for a longer period than necessary. The quicker you pay it off, the lesser the risk to you … and, generally, the lower the overall interest you pay.
  
  
• Check your budget to make sure you know what you can afford to repay. Always be wary that, if something unexpected crops up, you’ll still be able to keep up the repayments?
  
  
• Read the small print on any loan or HP agreement very carefully before signing it. Make sure you know all the conditions that apply and understand what happens if you fail to repay the loan.
  
  
• If your loan includes insurance on the goods or loan repayments, make sure you understand how much you’re paying for them and exactly what you’re getting for your money. It’s no good, when you need to make a claim, if you find that there’s an exclusion clause that stops you from getting the insurance payout.
  
  
• Remember, a sales person is not your friend, although many will want you consider them as such. They work for the supply company and may have a vested interest in keeping a price high. Many will receive commission on the sales they make to you. Don’t get sucked in and always check any claims or statements they make are written down for your protection.

Cut out waste and save money

At times when a recession bites it’s really important to cut out wasteful practices and save by making better use of your resources. Whether it’s cutting out the waste in your food bills or becoming more energy efficient to save money, check out the Financial Help Contacts List for ideas and the details of  places you can get advice.

Save Money on Leisure Activities

Unlimited fitness activities for less than £1 per day!

It is important to get the most from your money whilst still accessing the leisure activities you require and enjoy.

Our X-Training Passport offers you unlimited use of:

• 5 Swimming Pools
• 6 Gyms
• Ice Skating
• Over 100 Fitness Classes
• Climbing
• Sauna, Steam Room and Turkish Baths
• Athletics Track

plus discounted racket sports for adults…
..at all 10 Swindon Borough Council leisure centres.

Save up to £59.80 per month with a X-Training Passport (if you visit the gym twice and swim once a week). Conditions apply.

W: www.swindon.gov.uk/leisurepassports

SwindonCard

The SwindonCard is available to everyone and offers discounted leisure facilites, cultural events and entry to some of Swindon’s top attractions such as the STEAM museum and Lydiard House.

The card costs less for Borough residents and entitles those claiming benefits higher concessionary discounts.

W: www.swindon.gov.uk/SwindonCard

Don't fall prey to unscrupulous traders

Beware of traders that turn up at your doorstep unannounced and offer to do work on your home straight away. 

You’ll hear a lot offers … they’ve got a little tarmac left over from the last job so they could resurface your driveway cheaply; they’ve noticed an urgent problem on your roof that you weren’t even aware of and can go up and sort it out straightaway.

They won’t have any form of identity … no address, business card or paperwork. Often they’ll only give you a mobile phone number as contact details … and all will ask for cash payment, sometimes ahead of completion of the job.

From time to time there are problems with 'distraction burglaries' where people gain access to someone's home by trickery and then steal whatever they can.

However, appealing their offer or how plausible they sound … just say ‘No’.

Always use a reputable (if possible … local) business for whom you can assess their reputation for yourself and gain references from people you trust. Look for affiliation with reputable trade federations … Corgi registration, Trust Mark etc. If in any doubt about the credentials of a trade federation or organisation, check with Consumer Direct or Swindon Trading Standards.