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Budgeting better in 2022

2021 has been another challenging year for most of us and people’s finances are being stretched further and further. With the start of a new year, now’s the time to think about how we can all manage our money better…

The first thing to say, if you’ve got a new year credit card hangover, is don’t let the interest build up and don’t turn to high cost lenders to pay off your bills. We can help you clear what you owe, so you don’t get into a spiral of debt.

One of our low cost Saver Loans, for example, allows you to borrow enough to pay off your bills, while allowing you to save a little bit each month. Our loans are fair and affordable – you will only pay interest on the reducing balance of the loan; you can pay off the loan at any time and the typical interest rate is 12.7% APR. You can access your savings once the loan is repaid, and the Saver Loan principle means you can gradually reduce and ultimately eliminate your need to borrow.

If Christmas is an expensive time for you, then it’s never too early to start saving with one of our Christmas savings accounts. You can put away as much or as little as you would like, although we would recommend at least £5 per week or £20 per month, which you can then withdraw from the Credit Union in the run up to next Christmas. By opening a dedicated Christmas savings account, you are less likely to spend the money on something else. We also offer a range of budgeting accounts for things such as holidays, cars and pets, as well as our Young Saver children’s account.

Of course, the best way to save is to put away a little bit each month on a regular basis and our Salary Savings Scheme is ideal if you work for one of the employers listed on our website. Your savings contributions (or indeed loan repayments) are deducted direct from your pay packet, so it’s much harder to miss a payment or to spend the money elsewhere.

If you would like some help managing your money, then we provide information on the Money Management page of our website about a range of resources which could be useful for you. The MoneyHelper Budget Planner, for example, is a great place to start getting your finances in order and there is advice on debt and borrowing as well as how to check your credit report. Of course, if you’re one of our members and would like to discuss your financial situation, you’re always welcome to contact us, and the team at MoneyHelper is on hand to provide free, impartial advice to those with money troubles.

It’s never too late for a new start, and a new year is the perfect time to begin budgeting better. So, if you would like to benefit from the range of services and support we offer at the credit union, then why not join us today?

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