A local expert from Citizen’s Advice provides timely tips on consumer issues.
Q: ‘I’ve struggled with my money this year and have already spent too much on Christmas. I also recently got caught out by a free trial on an app that rolled into a paid subscription. It feels like every month I end up in my overdraft. How can I keep track of my spending better?’
A: It can be difficult to stay on top of things like online subscriptions but there are steps you can take to be more in control of your money.
Firstly, draw up a budget. Remember to include all of your general spending, and any bills you have to pay. Be realistic about what you’ll need for essentials like food and travel. If your income fluctuates, use bank statements, pay slips, benefit award letters or your Universal Credit journal to plan your budget each month. Your bank should be able to tell you what regular payments you have.
If you find subscriptions you don’t want, contact the company in question to cancel them. In future, before signing up to anything, make sure you know what you’ll get, for how long and what it’ll cost. If you do use any free trials, set a reminder a week before the free period ends so you’ve time to cancel it if you want to. Keep evidence of any subscription cancellations in case you need the proof in the future.
If you’ve been relying on your overdraft this year, or you have turned to credit cards or Buy-Now-Pay-Later, it’s understandable if this worries you. Always prioritise paying your rent, mortgage, council tax and energy bills first, because not paying these has the most serious consequences. If you’re having trouble managing your debts and paying bills, get some free debt advice, either from Citizens Advice or from another reputable and free debt advice provider such as Stepchange or National Debtline.
The Citizens Advice website has an income checker where you can see if you’re getting all you’re entitled to, such as benefits or grants. Everyone’s circumstances are different when it comes to managing personal finances: make sure you are in charge of yours.
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