Take control of your finances, debt expert offers advice

14 December 2020

Writing down your budget can help you take control of your money, a debt expert has said.

Antony Price, partnership development manager at PayPlan, a national service which provides free debt advice, said many people don’t budget their money.

He said that setting out your income, bills and expenditure can make you feel more confident about your financial affairs.

He was speaking to the Hayley Aley, the national Federation’s wellbeing lead, during a Facebook Live discussion on debt and finances.

The 45-minute event was part of the Federation’s month-long focus on financial wellbeing and is available to watch again on Facebook now.

Antony said: “Go back to basics, to pen and paper or a spreadsheet and put together your financial planner, your budget. Most people who approach us for debt help have never done that before until they reach out to us for help.

“There will be things you might look at think I can cut that back, or I can make decisions because I’m happy to forego that in order to plan for my future.

“It might be cutting back subscriptions. It might be to minimise an expense or maximise an income. It also helps you to understand those expenses you don’t think about on a monthly basis.

“That might be a haircut, it might be a daily coffee. When you add it up it might shock you to know how much you’re spending on those things and how that could have a positive impact to the amount you could put away for retirement, for example, if you were to change those lifestyle choices.”

The discussion covered a range of financial issues including debt, credit cards, mortgages, benefits, and debt management plans.

Antony said: “Any help we give somebody is in the strictest of confidence. We’re a 100 per cent confidential service.”

Hayley opened the event by explaining the aim was to help anyone with concerns regarding finance and personal debt.

“This year has been a tough year for everyone,” she explained,“If we can help one person reach out and get some support if their worries about finance and personal debt are starting to affect their wellbeing and their mental health, then it will have been worth it.”

Antony said that the important thing for members who are concerned about their finances or debt management was to speak to someone.

“We’re fully aware people might be sat there worried about picking up the phone, but don’t do nothing,” he said, “Take some action, even if it’s a baby step. Do something and you’ll be surprised how better you feel.

“The amount of people who feel that stress is relieved, that sharing that with somebody else really does help them. It’s incredible what a difference that can make.”