Managing your finances can be tough, especially when money is tight.
Here you'll find advice about what to do now and how to plan ahead.
Getting into debt is nothing to be ashamed about and the sooner you get help, the easier it’ll be to make a plan and begin to manage it. Ignoring or not facing up to the problem will only allow it to grow.
There are some things you can do now to start managing your debt:
- work out how much you owe and how much you can afford to pay back every week
- talk to those who you owe money. Many banks and building societies will work with you to sort out the problems
- get free, confidential advice. You can go to your local Citizen's Advice who will help you get on the right path
- visit taking control of debt on the Money Advice Service website
Planning for potential future care costs and retirement is something that we should all be doing now.
Think about whether:
- your savings and investments are in the best accounts and schemes
- you’ll be able to pay for the level of care and support you would like
- you’ll have enough finance to support you in later life
- any pension arrangements you have are secure and will give you the best returns possible
- your finances and other affairs will be properly looked after if you can’t look after them yourself
- you have a legally binding will and are confident that your affairs will be dealt with how you want them to if you die.
An independent financial advisor is the best person to check these with you. They’ll offer impartial advice to make sure you get the best packages for you.
To guide you through your personal care costs, you're entitled to independent financial advice.
Further information about financial advice:
- A beginner's guide on how to fund your long-term care by the Money Advice Service.
- The Financial Conduct Authority (FCA) has a range of easy to understand advice and information on sourcing financial advice.
- The Society of Later Life Advisers (SOLLA) helps you find trusted accredited financial advisors who specialise in the financial needs of later life.
- Saga Care Funding Advice Service specialises in providing care funding advice for people who need to pay for their own care needs.
- Paying for Care is a not-for-profit organisation who give advice on paying for care, as well as an online care fees/care cap calculator.
- Money Advice Service is a range of free and impartial money advice, with tips on looking for an independent financial advisor.
- This care calculator works out how much you'll pay before reaching the new care cost cap amount.
Where to get advice: