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Questionnaire

Answer the following questions:

How would you describe your attitude towards managing your money?

A. I feel overwhelmed and don’t really know where to start.
B. I know there are things I should do, but I keep putting them off.
C. I think things are okay, but that is more through luck than planning.
D. I keep on top of my money matters but am happy to find out more.

How far does your money stretch?

A. It’s a worry. I have money problems and my debts feel unmanageable.
B. It’s difficult. I’m struggling to make ends meet.
C. It’s okay. I can mostly afford what I need but there’s nothing left over.
D. It’s fine. I can afford everything I need and can save too.

Are you saving regularly at the moment?

A. No, it’s definitely not a priority right now.
B. No, but I think I should start soon.
C. Yes, but it probably isn’t enough.
D. Yes, I save a good percentage of my salary every month.

How much do you rely on borrowing (overdrafts, loans, credit or store cards)?

A. It’s essential. I couldn’t manage day to day without borrowing money.
B. It’s all planned. I have some borrowing, but mainly for big things I can’t afford like my car.
C. No problems, I pay off my cards in full each month.
D. I don’t borrow money except for my mortgage.

Do you have some money set aside that you could use if something unexpected came up that wasn't covered by insurance?

A. No, and I’m not sure if I could borrow any money.
B. No, I would have to borrow the money.
C. I’m not sure. I do have some savings, but it isn’t a lot.
D. I have money put aside for a ‘rainy day’ and could get to it easily.

• If you answered mostly B's or C's to the previous questions and are ready to make some changes to your financial health, you would benefit from getting a financial overview of your family’s spending patterns. You need to get a complete picture of your spending – from the big household bills right down to your cup of coffee in the morning. Following the steps throughout this guide will ensure you are getting all the money you are entitled to and not making savings where you can.

• If you answered mostly A's and things still seem unmanageable when you have used this guide to review your finances, then you may also wish to consider speaking to a specialist Debt Adviser about your situation. They can explore other options with you to help you manage your debts. For more information about your options, take a look at the RCN Financial Wellbeing pages.

• If you answered mostly D's then you are doing really well. You can also explore other money-saving tips and sources of income by reading on through this guide.

 

While most of us will have left school with a reasonable grounding in English and maths, we will often have been given little education at all in personal finances.

This important area has long been neglected, and with personal finance becoming more complex, and our budgets being increasingly squeezed as the cost of living rises, it is never too late to think about your Financial Wellbeing.

Budgeting

The starting point for budgeting is to work out what you have got coming in. This might seem like stating the obvious, but when was the last time you sat down and spent 30 minutes looking at your personal budget?

There is little point in doing this only once a year – it needs to be regularly reviewed to take account of changes in your lifestyle and larger one-off outgoings.

If you start the month by looking at your income and expected outgoings, then there are less likely to be any surprises towards the end of month. You will be better able to see where there may be shortfalls and plan accordingly.

There are some great budgeting tools which can be reviewed on a regular basis, and take into account irregular spending, such as car servicing and house maintenance.

The RCN Financial Wellbeing pages outline ways to save, budget and increase your income.  Use this budget planning tool to help you to do a comprehensive budget and take better control of your spending.

Or for a bit of fun, try  tool on the .

This really highlights the dent those occasional coffees and magazines make in your spending.

For example, it may make you think more seriously about buying a daily £3.50 coffee and £1 bottled water when you consider that just one coffee and a bottle of water every weekday will cost you around £1170 a year.

Once you have done a comprehensive budget, check your bank balance regularly. The easiest way to do this is with online banking or by using text alerts.

If you are paying for registered childcare, then there are several options that may be available to you for help towards paying the fees. Make sure you look at all your options before deciding on a particular scheme. Depending on your circumstances one may provide more financial support than another, and in some cases, you will only be able to opt for one scheme.

Review your choices regularly, moving to a new form of support when your childcare arrangements change may save you money.

A good way of exploring the childcare options available to you depending on your children’s ages, where you live and your financial situation is to use the online options finder.

Childcare you can get help paying for ('approved childcare')

You can get help with the cost of childcare through items listed below.

• Tax Free Childcare in the UK.
• Free childcare if you’re working in England.

If you claim certain benefits, you may be eligible for  under a separate scheme.

 and  can help you to pay for childcare if it’s provided by the below.

• Registered childminder, nanny, playscheme, nursery or club.
• Childminder or nanny with a registered childminder agency or childcare agency.
• Registered school.
• Home care worker working for a registered home care agency.

This is known as ‘approved childcare’.

This guide is also 

The rules about how childcare providers become approved are different depending on where you live.

You can check if a childcare provider is approved or search for one below.

• England -  or the .
• Wales -
• Scotland -
• Northern Ireland -

If you , the provider will also need to be on an Early Years Register with Ofsted or with a registered early years childminder agency - ask your provider about this.

Childcare at school

can help with paying for care that is outside school hours, for example after school clubs or breakfast clubs.

If your child has not started primary school, you can get help paying for childcare provided by a school. This includes nursery school fees.

You cannot get help paying for the below.

• Your child’s compulsory education.
• Private lessons during school time (for example, private music lessons during school hours).

You cannot claim for  for care outside school hours if your child is attending a state-funded school nursery or reception class. You may be able to claim if your child is attending an independent school nursery or reception class.

Childcare provided by relatives:

If you live in England or Scotland

You can only get  to help pay for childcare provided by a relative (for example, a grandparent) if they’re a registered childminder and care for your child outside your home.

You cannot claim for  for childcare provided by a relative (for example, a grandparent).

You cannot get help for childcare provided by your partner. This is not accepted as ‘approved childcare’.

If you live in England and get free childcare if you’re working, you can pay the childcare provider using Universal Credit, tax credits, childcare vouchers or Tax-Free Childcare.

If you live in Northern Ireland

You can only get help paying for childcare provided by a relative if all of the following apply.

• They’re in a
• They care for your child outside your home.
• They care for at least one other child that is not related to you.

If you live in Wales

You can only get help paying for childcare provided by a relative if they’re a registered childminder and care for your child outside your home.

Tax-free childcare for families with children aged 0-11 (UK wide)

If you’re a working parent with children under 12 (or under 17 for disabled children), you can open an online account to pay for registered childcare. The Government will top up the money you pay into the account. For every £8 you pay in, the Government will add an extra £2. You can receive up to £2,000 per child, or £4,000 if your child is disabled.

You and any partner must each expect to earn a salary on average at least equal to 16 hours at the National Minimum or Living Wage. If you or your partner are on maternity, paternity or adoption leave, or you’re unable to work because you are disabled or have caring responsibilities, you could still be eligible.

You can’t use tax-free childcare at the same time as childcare vouchers, Universal Credit or Tax Credits. You can use it with the 15-hour and 30-hour schemes.

.

Working Tax Credit for Childcare

If you are entitled to Working Tax Credit, and you and any partner are each working at least 16 hours a week, you can claim back up to 70% of your eligible childcare costs for children under 16 (or under 17 for disabled children).

 

Tax Credits are being phased out over the next few years. If you are already receiving Tax Credits, you can contact HMRC and advise them of your childcare costs. If you are making a claim for support for the first time you need to claim assistance via Universal Credit. 

Childcare costs via Universal Credit

Many parents qualify for assistance with childcare costs via Universal Credit. The amounts that can be paid out increased in June 2023, so even if you were advised you didn’t qualify previously, and you have high childcare costs,  that these higher thresholds are in place.  

 

Earn up to £7,500 tax-free by taking a lodger

If you’ve got a spare room and need to regularly top up your income, taking in a lodger is a fast way to earn extra money. The amount you could earn tax-free by letting a spare room via the Government’s Rent a Room scheme is £7,500 a year.

The scheme applies when you rent out a furnished room in your home to a lodger or take short-term guests such as language students. It works whether you live in England, Northern Ireland, Scotland or Wales.

If you’re renting out your spare room, you currently have two options to reduce tax, although you can only use one of them, not both.

• If your income is below the £7,500 threshold, you don’t need to do anything, as the tax exemption is automatic.
• If it’s higher, you need to complete a tax return – you then opt into the scheme and pay tax on the remaining amount.

For more on the scheme 

Finding a lodger

If you want to let a room on a longer-term basis, try and the room-to-rent section of your local . Both are free to list on, although there are optional upgrades such as promoted adverts. Alternatively, try your staff noticeboard at work.

Another option is , a site geared towards part-time renters looking for weekday-only places, so you get your space back at weekends.

If you are new to renting out your room, make sure you are clear with your tenant about what is expected by both parties. For example, establish whether they can have guests and when they can use the bathroom.

Draw up an agreement and make sure both parties sign it.

Both  and  provide online advice and tips on how to make renting a room work well for both you and your lodger.

There is no doubt that for many, making income meet outgoings is getting increasingly difficult.

With well-publicised well above-inflation increases in basics such as rent and utilities, it is even more important to make savings where you can. It is quite likely that post-covid, we will see some additional strains to our finances.

Thousands of us are still paying too much for our goods and services. The good news is that there are some great deals to be had. The RCN’s RCNXtra scheme can help with money-saving ideas.