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Talk Money Week: Budgeting Tips

At Leeds Credit Union, in addition to providing our members with access to affordable loans and a wide range of savings accounts, we also offer a Money and Budgeting Service (MABS) exclusive to our members.

Having a budget keeps your spending in check and makes sure that your savings are on track for the future. Budgeting can help you set long-term financial goals, keep you from overspending and help shut down risky spending habits so, to help your money go as far as possible this Christmas, here are the MABS team’s top tips for effective budgeting.

1. Begin with a Budget: Start by outlining your spending plan. Account for every penny you spend – a Leeds Credit Union savings account can help manage your earnings and spending.

2. Credit Union Account: Consider joining a credit union, such as Leeds Credit Union, which as well as getting you into the savings habit, offers multiple benefits including lower interest rates on loans and fewer fees.

3. Emergency Fund with Leeds Credit Union: Always have an emergency fund, which should ideally cover at least three months of your living expenses. A dedicated savings account with Leeds Credit Union could be an excellent place for this.

4. Repay High-Interest Debts First: Focus on paying off debts with higher interest rates first, then address lower interest rate debts. Leeds Credit Union offers some of the lowest interest rates for loans in the market from just 6.9% APR.

5. Short Term Loans from Leeds Credit Union: Leeds Credit Union offers short-term affordable loans, which are advantageous as you pay less interest overall when compared to high interest doorstep or payday lenders.

6. Use Direct Debits with Leeds Credit Union: Organise direct debits for your bills from your Leeds Credit Union account. This ensures timely payments and avoids late fees.

7. Limit Credit Card Usage, Consider Leeds Credit Union Loans: Try to only use your credit card in emergencies. Alternatively, consider taking an affordable loan from Leeds Credit Union for large unexpected expenses.

8. Regularly Review Your Leeds Credit Union Account: Frequently review your budget by monitoring your Leeds Credit Union account using online banking and the LCU App. It can help you identify the areas where you can cut back and save money.

9. Save for Goals with Leeds Credit Union: Whether it’s for a holiday, home improvements or a car, save with purpose using a Leeds Credit Union savings account.

10. Leeds Credit Union for Children’s Savings: Encourage children to start saving early. Leeds Credit Union offers youth accounts that can be used as a tool to teach children about money management.

11. Seek Professional Help from Leeds Credit Union: If managing your finances becomes overwhelming, consider scheduling an appointment with a Leeds Credit Union Money & Budgeting team member. They can provide you with invaluable support and advice.

12. Take Advantage of Leeds Credit Union’s Family Loan: If you’re receiving Child Benefit and finding it challenging to access affordable credit, consider Leeds Credit Union’s Family Loan. This loan allows you to borrow money, whilst offering manageable repayments and also helping you to save. A portion of your Child Benefit goes towards repaying the loan and the rest is put into a savings account that’s accessible after the loan is fully repaid. This provides an excellent opportunity for families to both manage their immediate financial needs and build a savings buffer for the future.

13. Debt Consolidation Loans from Leeds Credit Union: If you have multiple debts, consolidating them into a single loan from Leeds Credit Union could potentially lower your monthly payments and simplify your finances.

14. Leeds Credit Union’s Christmas Club: Put away a little bit every month in a Leeds Credit Union Christmas savings account, so you’re not hit with a huge expense at the end of the year.

Find out how Leeds Credit Union can help you.

Christmas on a budget doesn’t mean Christmas is cancelled. With small loans of £250 available to our members, joining our credit union could help make your Christmas one to remember – find out how to join here.