Budgeting tips, debt management and credit advice

In order to manage your money effectively it is important to understand exactly what credit is and how it can work in your favour. Begin by comparing the different types of credit available to you and examining what will work best for your individual circumstances.

Use this repayment calculator on the Money Advice Service website to help you understand how long it might take to repay any existing credit card debt and the amount of interest you may be charged over this period. Remember, paying more than the minimum each month on your credit cards could save you money and reduce your debt more quickly. 

Learn where to go for independent, expert credit advice if you find your debts are spiralling out of control. By understanding the basics of credit repair, taking on board beneficial budgeting tips and establishing good habits you can in turn nurture a healthy credit rating and bank balance.

Let Sarah explain

Sarah Willingham founded letssavesomemoney.com and regularly appears on TV as a personal finance expert. In this video, she explains the things you need to know about managing your money.