Published on February 11, 2014
Money matters in Big Local areas Developed by Niamh Goggin, Small Change Hazelwood Neighbourhood Centre, Gainsborough Rd, Corby 8th Feb. 2014
Money Matters • Welcome • Using the workbook Activity – something to DO Reference – something to read later • Checking your learning – I get this – I can explain this – This is important for our Big Local
Breaking the ice! • Introduce yourself to one of the people at your table, who you don’t already know; • Find out their name, what Big Local area they are from and what they hope to get from the day; • Make a note and we’ll ask you to introduce each other so we all know who is in the room.
What’s Up Today! • • • • • • • • Budgeting Savings Better Borrowing Better Buying Consumer Rights Big Local Money Matters Tips Impact on your Big Local Area Next Steps
Money Worries Money Worries Money never seems to stretch to end of fortnight How can we help? Budgeting, better buying Comments
Budgeting A budget is a plan of all the money you have coming in and all the money going out. Having a budget and USING it to manage your spending means.. YOU ARE IN CONTROL!
How to Budget • • • • • • How do people in the room manage? Jam Jars / cash budgeting Spending diary Cut back calculator Budget planner Monthly Money Matters session
Making the Most of your Money • • • • Claim benefits you are entitled to Get on top of any debts–clear high interest 1st Stay in control – open the bad news envelopes Free Advice and information Money Advice Service is the government’s free, unbiased, independent advice service with advice, tools, resources and news on managing your money. 0300 500 5000 or https://www.moneyadviceservice.org.uk/en
Savings • Why save? • How to Save – Set a savings goal – Work out how much you can save a week/month – Decide where to put your savings – Get started and watch your savings grow
Golden Rules of Saving 1. 2. 3. 4. 5. Safety first – not under the bed! Little and often Rainy day money Goals and rewards Teach your kids to save
Better Borrowing • What matters most when borrowing money? – The interest rate (APR or AER) – How long you borrow for (the loan term) – How much you have to pay every week or month – Whether you can afford the repayments – Whether you have to travel to the office to make the repayments – How much you repay in total – What matters most to you?
Five Factors 1. Interest rate - lenders are obliged to quote you an annual interest rate which includes all fees. If they don’t do so, they are breaking the law; 2. Cost per £100 borrowed - a handy way to compare costs between borrowers; 3. Can you afford the weekly or monthly repayments? 4. Total cost of credit - how much in total will you have to repay for your loan; Watch out for hidden penalty charges and interest rolled over 5. Finally, you need to match the loan term to the benefit.
Better Buying Where could you save money: • Gas and electricity? • Water? • Phones? • Mobile phones? • TV subscriptions • Insurance? • Travel? • Holidays? • Food shopping? • What are your best tips?
Buying Advice • • • • • • • Home phone Broadband Mobiles Gas and Electricity Save Energy Travel Costs Shop smart: – Price comparison websites – Supermarket vouchers and codes – Discount vouchers and codes • Smarter Buys http://gm.sbstore.org/how-does-it-work The Greater Manchester Smarterbuys Store is a brilliant alternative to high street weekly payment shops who charge very high interest rates. Its being promoted by Northward Housing is an alternative to high street weekly payment shops who charge very high interest rates. Its being promoted by Northward Housing
Know your SADFART rights! • Goods must be: – – – – – – – Satisfactory quality As Described Fit for purpose And last a Reasonable length of Time! • The RETAILER is responsible! • You have up to six years to return faulty goods, but after six months, you may have to show that the problem is a design or manufacture fault
Services Services should be provided with: Reasonable care and skill Within a reasonable time and At a reasonable cost.
Online, Mail Order, from Home Distance Selling Regulations • Seven working days to cancel • The seller must refund your money within 30 days • eBay – buy it now – as above – Auction-style purchases – much less protection
Enforcing Your Rights • • • • Know what outcome you want Act on your complaint as soon as possible Stop using goods/services Keep a note of actions/conversations w’date/time • Keep a log of extra costs • Last resort – Small Claims Court
Welcome Gary Elmore Citizens Advice Services Corby and Kettering
Money Matters Tips • What did you learn so far today? • What advice would you give to friends? • What would help residents in your area?
Impact on Your Area • • • • • budgeting saving better borrowing better buying your rights as consumers. • Most helpful to residents? • How are residents affected? • Effect on whole community? • More effect on some groups?
Who could you talk to locally? • Who could you talk to from your local community? • Who works on this type of problem in your area? • Is there a locally-based money or debt advice service? • Is there a local credit union or CDFI (community development finance institution). • Are there payday loans companies, cash-for-gold, pawnbrokers, home credit providers or illegal loan sharks operating in your area?
Who could you talk to outside your area? • • • • • • • • • • • • • • • • Niamh Goggin, Small Change: firstname.lastname@example.org or 02895 810803 Local Trust: email@example.com or 0203 588 0565 Citizens Advice: 08444 111 444 http://www.citizensadvice.org.uk/index/getadvice.h tm • • • • • National Debtline: 0808 808 4000 http://www.nationaldebtline.co.uk/england_wales/ contact_us.php • • StepChange Debt Charity: 0800 1381111 http://www.stepchange.org/# • Martin Lewis’s MoneySavingExpert.com http://www.moneysavingexpert.com/ ThisisMoney.co.uk. http://www.thisismoney.co.uk/money/index.html • • Transact is the national forum for financial inclusion. Phone: 020 73922961 Email: firstname.lastname@example.org Website: www.transact.org.uk ABCUL is the membership organisation for most English credit unions. Website: http://www.findyourcreditunion.co.uk/home Phone: 0161 832 3694 Email: email@example.com Website: http://www.abcul.org/home The Personal Finance Research Centre, University of Bristol Phone: 0117 9289954 Email: firstname.lastname@example.org Website: http://www.bristol.ac.uk/geography/research/pfrc/ about/ The Stop Loan Sharks Project allows people to report unlicensed money lenders (loan sharks) in confidence. Tel 0800 0740878 Text 60003 http://www.stoploansharks.org.uk/
Next Steps • • • • I think is important When I get back I will…… We will find out more from …. Checking your progress flip cards
Thanks • • • • • • • Local Trust NANM Citizens Advice Service Corby and Kettering Hazelwood Neighbourhood Centre Tell us what you think Take your learning card with you Safe journey home
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