How do I make the most of my income?
For some people, income is a regular, fixed amount of money every week or month - but for others it is less predictable.
Read on for some tips on making the most of your income, however much it is.
Check you bank balance
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Using direct debits or standing orders means you do not have to worry about paying your bills – but only if there is enough money in your account to cover them!
Checking bank balances couldn’t be much easier these days. All ATM machines offer this as a free facility, although you should be aware that some ATMs will charge you to withdraw money! Most banks offer an online or telephone service so you can always get an up-to-date record, as well as monthly statements.
Try not to pay extra charges
It is important to check what money you have to spend after bills and other commitments are met. If you spend more than you have left after you’ve paid the bills, you may end up paying extra charges to banks, building societies and other money lenders.
Get help with bank accounts and overdraft charges
Anyone who finds their money is being swallowed up by overdraft charges can get help. It may mean that you change your type of bank account to a ‘basic’ one. For more information about bank accounts, including basic bank accounts, visit The Financial Services Authority Money Made Clear website.
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Save with a Credit Union
If you can afford to, it is a good idea to put aside some money each week or month. A good way to save is to join a Credit Union.
Once you become a member you get free life insurance.
When you have saved regularly for 12 weeks (three months), you also gain access to loans which represent good value for money.
For more information on these services, go to the Financial Inclusion South Yorkshire website.
Take out insurance
It is also a good idea to take out insurance on the contents of your home. There are many companies who offer home contents insurance and Sheffield Council also provides a competitive policy. You can find more information about Sheffield Council's Home Insurance Scheme here.