Household budgets can help those who need debt management
Household budgets can help those who need debt management
Tuesday 22nd December 2009
She emphasised that formulating a budget is the best way to get a clear idea of how much money is coming in and going out of a household each month, and how much the essentials – like utilities, food, and rent – are costing.
This can provide families with a clearer idea of how much money they require each month.
Her comments follow research by the Financial Services Authority (FSA) which found that 14 per cent of Brits do not keep track of their spending habits at all.
She went on to say that more financial education is needed for the young to help them manage their finances in the future.
"Really the important thing for the household is firstly to pay off debt, that's really, really important. If they have got credit card debt then that should be their first focus," she said.
"Then the next most important thing is to start saving to put aside enough money to cover them for at least three months worth of bills, really it should be six, but three to six months worth."
Options such as debt consolidation and debt management can help people who owe money get back on the financial straight and narrow.
Jasmine Birtles also recommended that the government should incorporate making regular budgets into the school curriculum.
News article brought to you by Debt1 – Confidential Advice for Managing Debts
Related News
Too much Xmas shopping could make debt advice 'a necessity' - 18/12/09
Christmas shoppers who spend too much in the run-up to Christmas could find themselves requiring the services of a debt solutions company
Christmas shoppers who spend too much in the run-up to Christmas could find themselves requiring the services of a debt solutions company
Unemployment figures a 'mixed bag' for those requiring debt advice - 17/12/09
New figures on unemployment have been welcomed by the Chartered Institute of Personnel and Development (CIPD), but struggling consumers may not wish to ignore debt help just yet
New figures on unemployment have been welcomed by the Chartered Institute of Personnel and Development (CIPD), but struggling consumers may not wish to ignore debt help just yet
Fairer tax system could help with debt management - 16/12/09
Debt management solutions could be made more effective for many struggling homeowners if changes were made to the tax system
Debt management solutions could be made more effective for many struggling homeowners if changes were made to the tax system
Rising loan prices could make debt management a necessity - 16/12/09
People could find themselves requiring more debt management help as a result of the rising prices and restricted access that have come to characterise the marketplace for personal loans
People could find themselves requiring more debt management help as a result of the rising prices and restricted access that have come to characterise the marketplace for personal loans
Kerry Katona wants to open takeaway outlet following debt management - 15/12/09
She is famous for having debt consolidation troubles, but former Atomic Kitten singer Kerry Katona is now keen to move on from her bankruptcy
She is famous for having debt consolidation troubles, but former Atomic Kitten singer Kerry Katona is now keen to move on from her bankruptcy
News Article Search
Quick Apply
News Archive