Money Saving Ideas/Suggestions

Faced with Debts? Some Useful Tips
  • Make your home your top priority, make sure you pay the rent or mortgage.
  • Don't panic and don't ignore the problem, it won't go away.
  • Don't take out more credit - you'll only end up in a worse situation.
  • Don't just stop paying rent/loan payments with no explanation. Tell your creditors/lenders you are having problems.
  • Don't pay off the person who is shouting the loudest, but pay the most important ones like mortgage/rent; council tax; gas and electricity. Otherwise you will be in danger of losing your home, having your gas and electricity cut off; or ending up in Court.
  • Work out how much you can realistically afford. It's easy to be panicked into offering more.
  • Think twice about taking out a loan to pay off all your debts. You may end up paying back a lot more than you borrowed and at very high interest rates; you may not be able to afford the repayments and the loan may be secured against your home, which you could then lose.
  • Get local free, confidential, independent advice from the CAB or Consumer Advice who will help you work out repayments and negotiate with your creditors, as well as helping you to keep out of debt in the future.
  • Or talk to one of the national debt advice agencies, such as the National Debtline (Tel: 0808 808 4000) or the Consumer Credit Counselling Service (Tel: 0800 138 1111). They offer free advice on the full range of debt remedies including Bankruptcy, County Court Administration Orders and Individual Voluntary Arrangements.
  • Don't ever pay for debt advice. There are so many excellent free services available to you. Don't delay, seek advice today.
Money saving ideas and tips
Try some of the following which may help save valuable pennies.

Food Shopping Top Tips
  • Make a list and stick to it! You'll be amazed how much you have been spending on impulse purchases.
  • Don't go shopping when you're hungry! Trust us, you're likely to spend more if you do.
  • Buy-one-get-one-free's are not always a good buy. Only buy what you know you will use
  • Consider buying loose goods, not pre-packed as this is often cheaper.
  • Ready made meals are often expensive, cooking your own is a cheaper option as you often get more for your money. Why don't you try some recipes from the BBC Food Guide
  • Grow your own. It's much easier nowadays to grow your own fruit and vegetables whether you have a garden or not. See the BBC Gardening website for some ideas
Saving - Top Tips for Young People
The People's Information Network can offer advice and information about a variety of issues for young people and families. For ideas on leisure activities in your area that may cheap or even free, visit our Clubs and Activities page.

Credit Unions/Community Banks

A Community Bank is also known as a Credit Union. This is a bank owned by members of the local community.

Their aims are to:
  • Help you save regularly, no matter how small
  • Give low cost loans to members
  • Help and support members to manage their money
For more information about Community Banks in Redcar and Cleveland, please see the link to Moneywise

For further information about Credit Unions in general, please use the link to the Association of British Credit Unions Limited.

Other advice/information sources
  • Money Advice Service (produced by the Financial Services Authority) provides impartial and practical ways to beat the recession with step by step guides, tools and calculators and other money related advice.

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