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Managing your money

With rising costs, many of us are worried about managing money and going into debt.

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It may feel like an impossible situation, but there are many debt advice services that you can access.  We would encourage you to talk to someone about your debt, even though this can be hard to do. As difficult as it is, it’s important to talk to your creditors and they will help you to find a solution. Your bank, energy company, or other creditor will be able to help you if you talk to them, so don’t be discouraged from seeking support.

Debt can take a toll on your mental health and relationships. There are many resources and services available to help you through this.

Steps to managing debt

  1. Prioritise – write a list of your monthly necessities
  2. Ask for help – don’t put off talking to the companies you owe money to. They will work with you to identify the issues and look for a solution
  3. Save money if possible – review your spending habits, is there anything you can reduce?
  4. Review you bills – can you reduce your bills?
  5. Check bank statements – this will give you a good idea of where your money is going
  6. Avoid borrowing money from high interest lenders
  7. Set up a plan to pay something back each month

Managing your money

Banking concerns

Contact your bank directly if you are experiences financial difficulty. Banks offer advice and support to their customer who have cost of living concerns, financial difficulty, repayment problems and other worries.

Customers of other banks should contact them directly to discuss financial difficulty or worry.

Debt advice, counselling and support

Below are some of the services available which provide free impartial advice and debt counselling:


One way to get a handle of your finances is to do a budget planner. This will help you to see if there are areas of your spending that can be reduced.

Budgeting tips

  1. Track your monthly habits – be as specific as possible
  2. Set goals
  3. Try to save first and spend later
  4. Don’t be afraid to get help
  5. Try to pay down debts
  6. Think carefully about large purchases
  7. Research your spending options
  8. Be flexible in what you are willing to give up
  9. Tweak and adjust your expenses, and do it again

Talking about money

Talking about money problems and debt is hard. Find out how to talk to your loved ones about your financial issues.