Knowing where and how you spend money can help you save. This can help you pay for unexpected bills and plan for occasions like holidays and Christmas.
During Spring of 2014 the Consumer Council and Community Savings, ran a survey to ‘check Islanders’ financial health’ to see what problems people were facing when trying to manage their money, particularly as a result of the recession, and how our two organisations might best help with any issues raised.
The survey indicates that regardless of our age 74% of us budget on a monthly basis with only a few of us budgeting fortnightly or less.
Three key messages emerged from our survey:
- We must all take personal responsibility for our financial health;
- We must all research our facts and ask questions to help us make informed decisions and to better understand the bigger picture of what financial health entails – over the short, medium and long term;
- Most importantly we must NEVER put our head in the sand – financial difficulties escalate not diminish!
In conjunction with Citizens Advice Bureau and Community Savings we have developed an on-line budget pack for you. Our budget planner is also available in paper format – please contact us for a copy