People need to improve their budgeting to avoid getting into financial difficulty, a money education charity has stated.
According to Frances Walker of Credit Action, drawing up a budget – using methods such as a weekly money diary – is the best way of making your money “work harder”.
She advised those who are looking to save money to take cost-cutting measures such as reducing the amount of coffee or sandwiches purchased while at work and noted help is available for those struggling with their debt management.
“[People] can go to one of the debt advice charities and get some help with budgeting and sorting out their problems,” she remarked, citing the National Debt Line and Citizens Advice as useful sources for information.
Figures recently published by Credit Action have revealed the UK’s personal debt was £1,448 billion at the end of August, an increase of 6.2 per cent over the past year.
By Tom Musk