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When everyone has a home

Housing advice for Northern Ireland

Budget

There are a few key steps you need to take to deal with your debts effectively. A charity that provides debt advice can often help you with this.

Planning your finances and your repayments is the most effective way of dealing with debt. An adviser can help you with this process if you're not sure what you should be doing.

The key aspect of budgeting is being honest and realistic, whether you’re listing your income or your outgoings. A financial statement, containing a listing of your income and expenditure, is a starting point for dealing with debt and making a sustainable repayment proposal.

The interest on credit cards can be very high. Use this calculator from the Money Advice Service to work out how long it's going to take you to pay off the balance on your card based on the amount you can afford to pay every month.

You'll be suprised how much you can save by cutting out some of the small things you might regularly buy. Use this Quick Cash Finder from the Money Advice Service to work out how much you could save each month if you stopped buying a newspaper, cup of coffee or chocolate bar every day.

Use the Loan Calculator from the Money Advice Service to work out how long it will take you to pay off your loan, based on your current monthly payments. If the loan is secured on your home, you could end up losing the property if you fall behind on your repayments. If you're having money problems, it's best to get some free, independent advice from a charity before you take on any further debt.

When you go to a mortgage broker, they'll work out how much you can afford to borrow based on your household earnings. But, it's important to take your overall budget into consideration too.

Use the Savings Calculator from the Money Advice Service to help you plan your service. The calculator can help you figure out how long it will take you to reach your savings goal or how much you'll save over time if you set aside a fixed amount of money every month.

Make a list of all your debts. Check the bills or reminders that have been coming through the post and go through your bank statements to see what direct debits are being taken out of your account. Sort these into priority debts and non-priority. If you don’t pay priority debts you could lose your home or lose essential services.

Use the Loan Calculator from the Money Advice Service to work out how long it will take you to pay off your loan, based on your current monthly payments. If the loan is secured on your home, you could end up losing the property if you fall behind on your repayments. If you're having money problems, it's best to get some free, independent advice from a charity before you take on any further debt.

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