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Moneywise

Tax the rich

Stretching money

Money. However much you have, you always wish you had more. Here are some ways to make your money go further:

Key link: www.thisismoney.co.uk/moneysavers

Checking your cash flow

Many people have no idea where their money goes. One day they have £20 and the next they are skint. Ask them what they spent it on and they haven’t a clue. To avoid falling into this trap you need to keep an eye on your cash flow.

  1. Write down everything you spend for a week.
    Yes, we mean everything.
  2. Make a list of money coming in each week: wages after tax, pocket money, gift money, benefits and any other income.

    TOTAL INCOME  

  3. Using notes from step 1 list your weekly expenditures.

    CINEMA   GIFTS  
    EATING OUT   BUS/TAXI FARES  
    EVENTS/CONCERTS   AUTO –
     
    SCHOOL ACTIVITIES   PETROL/INSURANCE  
    CLOTHING   SAVINGS  
    SPORT FEES/EQUIPMENT   CREDIT/LOANS  
    HAIR APPOINTMENTS   HOLIDAY  
    MAKE-UP/TOILETRIES   RENT  
    TELEPHONE/MOBILE   OTHER  

  4. Subtract expenses from income

    EXPENSES - INCOME =  

So, how did you do?

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If you spend more than you have you either need to cut down somewhere or increase your income. If you don’t have enough for essentials look into getting a job or find out if you qualify for benefits.

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If you have money left over, well done! You can start saving!

 

Experience: trouble with money

My mum and dad are divorced and have been for years. Dad has no problems with money and sends me some when I need it. Last month mum told me that we were 3 months behind on the rent and could end up going to court. I had to go see our solicitor because my mum was at work. I was so scared and didn’t really understand a lot of it. He told me what we had to pay and when. He explained it well. I found it hard to concentrate at school and I had a few days off. My head of year talked to me about things and I confided in her. She listened and assured me that things would work out, but I mustn’t miss any more days off school. In the end I called my dad and explained it to him. He sent some money and we managed to find enough to get us through the first few payments. I am definitely going to be more organised with my money when I’m older. Life is already too stressful without the problems with money. – 16, Witney

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