Latest column from Denbighshire Citizens Advice

Latest column from Denbighshire Citizens Advice is:

Q: I’ve really struggled with my money this year, and have already spent too much on Christmas. I also recently got caught out by a free trial on an app that rolled into a paid subscription. Even without this though, it feels like every month I end up in my overdraft. How can I keep track of my spending better?

A: Lots of people will be feeling this way right now, and it can be difficult to stay on top of things like online subscriptions. But there are steps you can take to be more in control of your money.

Firstly, draw up a budget. Remember to include all of your general spending, and any other bills you have to pay. Be realistic about what you’ll need for essentials like food and travel. If your income fluctuates, use bank statements, benefit award letters and Universal Credit journals to plan your budget each month.

Your bank should be able to tell you what regular payments you have. If you find subscriptions you don’t want, contact the company in question to cancel them. In future, before signing up to anything, make sure you know what you’ll get, for how long and what it’ll cost. If you do use any free trials, set a reminder a week before the free period ends so you’ve time to cancel it if you want to. Keep evidence of any subscription cancellations in case you need it in the future.

If you’ve been relying on your overdraft lots this year, or turned to credit cards or Buy-Now-Pay-Later, it’s understandable if this worries you. Always prioritise paying your rent, mortgage, plus energy bills and Council Tax first though, because not paying these has the most serious consequences. If you’re having trouble managing your debts and paying bills, contact Citizens Advice for support.

Our website has an income checker where you can see if you’re getting all you’re entitled to, such as benefits or government grants.

Everyone’s circumstances are different, particularly when it comes to managing personal finances. We’re here to help you find a way forward.