TAKE CONTROL OF YOUR MONEY

RMT helpline 0800 376 3706 :: january 2020 :: RMTnews 16 A report published by the TUC in January 2019 found that Britain’s household debt had reached a new peak, with UK homes owing an average of £15,385 to credit card firms, banks and other lenders. Working families are, on average, worse off today than before the financial crisis. According to TUC general secretary Frances O’Grady, “household debt is at crisis level. Years of austerity and wage stagnation has pushed millions of families deep into the red”. A report by Finder found that 350 people are declared insolvent or bankrupt in the UK every day. That’s one person every four mins and seven seconds. The main causes for debt include borrowing on credit cards, overdrafts, car loans and other forms of unsecured consumer credit. The consequences of debt have also impacted funerals. Research suggests that there are almost 10 million people in the UK who do not have the savings to cover unexpected costs should a loved one die without leaving any provision to pay for their funeral. While this may sound very gloomy, particularly if you’re someone that is struggling with debt – but the good news is there is a solution and we’re here to help. OUR ESSENTIAL TOP TIPS TO GET YOUR DEBT UNDER CONTROL These are just some of our tips to getting your finances under control and freeing yourself of debt. TIP 1: CREATE A BUDGET The very first step is to create a budget. A household budget is a plan that summarises your income and spending habits, so you have a clear idea of where your money is going. The planner will allow you to quickly identify where you need to make cuts to help you manage your money more effectively. Firstly, gather all your bills and bank statements then download our FREE BUDGETING PLANNER to get started at www.rmtprotect.com/free- budgeting-planner. TIP 2: REVIEW ANY DEBT YOU HAVE It’s very difficult to live without any kind of debt e.g. a mortgage, but certainly some debt is a lot worse than others Payday loans, credit cards and overdrafts are some of the worst kind of debts. Often, we have debts of different types. Here’s what to do to help reduce your debt: • Take stock It’s important to understand how much you owe, so make a list of all the money you owe and include all relevant information about the debt Take a look at the example chart on this page (below). • Work out how much you can pay Where possible, its best to pay more than the minimum repayment, so add up all of your monthly expenses, such as rent/mortgage, bills, food, utilities, insurances, the monthly payments on your debts and any additional regular payments, such as entertainment – you may also want to consider starting to put money aside TAKE CONTROL OF YOUR MONEY discover proven tips to reduce financial strain and kick debt to the curb RMT helpline 0800 376 3706 :: january 2020 :: RMTnews 16 A report published by the TUC y in January r 2019 found th y at Britain’s household debt had reached a new peak, with UK homes owing an average of £15,385 to credit card firms, banks and other lenders. Working fa f milies are, on average, worse off today th y an before the financial crisis. According to TUC gen e eral secretary r Fr y ances O’Grady,y “household debt is at crisis level. Years of austerity t and wag age stagnation has pushed millllions of fa f milies deep into the red”. A report by Finder found th y at 350 people are declared insolvent or bankrupt in the UK every r d y ay.y That’s one person every r four y mins and seven seconds. The main causes for debt include borrowing on credit cards, overdrafts, car loans and other forms of unsecured consumer credit. The consequences of debt have also impacted funerals. Research suggests that there are almost 10 million people in the UK who do not have the savings to cover unexpected costs should a loved one die without leaving any provi y sion to pay for y their funeral. While this may sound very r gloomy m , p y articularly if y you’re someone that is struggling with debt – but the good news is there is a solution and we’re here to help. OUR ESSENTIAL TOP TIPS TO GET YOUR DEBT UNDER CONTROL These are just some of our tips to getting your finances under control and freeing yourself of debt. TIP 1: CREATE A BUDGET The very r fir y st step is to create a budget. A household budget is a plan that summarises your income and spending habits, so you have a clear idea of where your money i y s going. The planner will allow you to qu quickly identif y y f where y you need to make cuts to help you manage your money more y effectively. y Firstly, y gather all your bills and bank statements then download our FREE BUDGETING PLANNER to get started at www.rmtprotect.com/free- budgeting-planner. TIP 2: REVIEW ANY DEBT YOU HAVE It’s very r difficult to live without y any kind of debt e. y g. a mortgage, but certainly some debt is a lot worse than others Payday lo y ans, credit cards and overdrafts are some of the worst kind of debts. Often, we have debts of different ty t pes. Here’s what to do o to t help reduce your debt: • Take stock It’s important to understand how much you owe, so make a list of all the money you owe and include all relevant information about the debt Take a look at the example chart on this page (below). • Work out how much you can pay Where possible, its best to pay more th y an the minimum repayment, so add up all of your mo m nthly expen y ses, such as rent/mo mortrtga g ge, bills, food, utilities, insuranc nces, , the monthly p y ayments on your debts and any additional regular payments, such as entertainment – you may also want to consider starting to put money aside