Quick look busy! - Merton Council

INTERVIEW
Simon says…
The BBC’s Working Lunch business correspondent
Simon Gompertz has joined forces with My Merton
to help you weather the stormy economy with top
tips for getting through these tough times.
Simon advises us all to cut back
or not to use our cards at all
“Get rid of all those store cards filling your
wallet. They are too tempting – and too
expensive. It is all too easy to get into debt
if you use them regularly. Credit cards are
another no no. If you have any, lock them
in a drawer and don’t take them out except
in an emergency.”
Stop forking out for things
you never use
“Scour your bank account for direct debits,
standing orders and subscriptions to clubs and
sports centres you never go to. Do you really
need all of them?”
Try and save with a Credit Union
“Saving with a Credit Union is helpful as it is
run through the community as a co-operative.
If you really need to borrow you can also get a
cheaper and safer loan.” Find out more about
Credit Unions in our Beating the Crunch article
on page 12.
Do you have a spare room
in your home?
“You can always rent a room and earn up to
£4,250 a year tax free! And remember, if you
live alone you can claim a discount on your
council tax.”
Work to a cash budget
“You don’t have to stint yourself when it
comes to buying healthy food if you are
careful. Give yourself a cash budget every
week for the essentials such as meals and
petrol and check how much you spend.
You could be surprised how much you save
by keeping to your weekly allowance. Paying
for items in cash rather than by card also
helps you keep track of your spending.”
“You can always rent
a room and earn up to
£4,250 a year tax free!”
“Paying for items in cash
rather than by card also
helps you keep track of
your spending.”
“You should also check out
other energy companies
– they might offer you
cheaper gas and electricity
if you switch.”
FEBRUARY - MARCH 2009 • YOUR COMMUNITY
See if you can get free insulation
“Keep those heating costs down by calling your
energy supplier and getting free insulation.
You should also check out other energy
companies – they might offer you cheaper
gas and electricity if you switch.”
If you do have savings make sure
they are in a tax free cash ISA
(Individual Savings Account)
“Now interest rates are falling you will be
making hardly anything from money
stashed away in the bank once the tax has
been taken off.”
Ask for advice
Most importantly, if you do get into debt take
advice and protect yourself by dealing with
important debts first. Call in at the
Citizens Advice Bureau or ring
the free National Debtline on
0808 808 400.
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