Money’s too tight to mention
As the country faces a recession we are all feeling the pinch. By acting early and sorting out your finances you will be able to see any short falls and plan a way to manage them.
As a serving teacher, you can contact our money advisers on 08000 562 561 (England), 08000 855 088 (Wales) 0800 564 2270 (Scotland) for budgeting advice or ideas on how to manage your debts. We can also check if you’re eligible for any Government benefits.
If you’re finding yourself struggling for money by the end of the month putting a budget in place can be a useful way to see where you can cut back. Our factsheet ‘Tips and advice on budgeting‘ shows you how to create a budget and our ‘Money management‘ can show you how to make the most of your money.
The FSA website also has an online budget calculator to help you work out how much money you will have available each month.
Other useful contacts:
- Citizens Advice www.citizensadvice.org.uk,
- Consumer Credit Counselling Service (0800 138 1111) or www.cccs.co.uk
- National Debt Line (0808 808 4000) www.nationaldebtline.co.uk
If you need advice about investments, pensions or related issues, you should speak to an independent financial adviser. Call 08000 853 250 or visit www.unbiased.co.uk for more information.
If you find yourself in extreme financial difficulty, you may be eligible for a grant or loan from the Teacher Support Network.
You should be aware that there are basic eligibility requirements for a grant or loan. To be eligible to apply you must:
- Be a serving, former or retired teacher (or a dependent).
- Be teaching or have taught in England or Wales.
- Have taught for at least one term in England or Wales on a full time basis, or
- Have QTS.
- Have less than £6,000 in savings.
In most cases, grants cannot be awarded for private school fees, fees for educational courses, private medical treatment or payment for curriculum related field trips. Grants are not generally awarded for non-priority debt but money advice is always available.
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