Making the most of your money

Taking the time to manage your money better can really pay off. It can help you stay on top of your bills and save you money.

No matter what your situation, everyone could benefit from making more of their money. You can take control of your finances by:

  • taking the time to plan your budget 
  • keeping track of your income and spending
  • making sure you get all the benefits you are entitled to
  • shopping around to make sure you always get the best deal! 

Start with setting a budget

If you want to take control of your spending or you are looking to save up for the future, you should work out your budget. This can help you with understanding how much you are currently spending, what it's for, and can help you plan ahead and manage your money better in future. It’s not difficult to do, particularly when you are using a budgeting tool. 



Once you’ve listed your income and all your outgoings, you will be able to see clearly how much money you are spending, if you have any extra money to save or spend on additional things if you need to find a way to reduce your spending. It's a good idea to save your results and review your budget regularly.

Getting the best deal 

If you can get the same thing by paying less, then do so. If you shop around, you may be able to get a better deal for just about anything from care insurance to electricity bills. There are a number of services aimed at helping you find the best deal and switch providers where applicable:





Planning ahead

Now that you have a better understanding of your financial situation, it's a good idea to plan how you will manage your money over a longer period of time. You should think about any one-off purchases you want to make, or a holiday you are planning, and workout how much money you have to save. When planning ahead, it's worth considering the following:

  • Plan for regular events like Christmas, holidays and birthdays
  • Think about having an emergency fund for those unexpected bills 
  • Plan for any big purchases you want to make in the near future, such as buying a new car
  • Try putting a way a small amount every month - it soon adds up! 
  • Do you really need to borrow extra money or is there some other way you can buy something, for example you could wait a little longer and save the money, or you could go for a cheaper option 
  • Always try to pay off any debts such as credit cards or loans before saving money for something else - the interest on these debts is likely to be high.


Planning for retirement

It's never too early to think about retirement. With a little planning you can give yourself a better chance of having enough money available during retirement. 


Where to get further information and advice

Richmond CAB’s award-winning Financial Capability team have over 5 years’ experience of delivering group and personal budgeting sessions to help residents take better control of their own finances. They can create personal budget plans, advise on how to maximise your income and identify ways of getting the best deal from utilities to groceries.

Richmond CAB provide free sessions across the borough in community centres, secondary schools and housing associations, as well as in their local offices. 

You can follow @RCABadvice for useful hints and tips throughout the year.

For one-to-one support, please contact Richmond CAB directly.

Richmond Citizens Advice Bureau
Address: Citizens Advice Richmond, 5th Floor, Regal House, 70 London Road, Twickenham, TW1 3QS
Phone: 020 8712 7800

Money Advice Service

You may also want to use the Money Advice Service's free online financial health checker tool. Getting a money health check can help you:

  • Get a clear picture of where you stand with your finances
  • Receive free and unbiased advice – from building your savings to repaying debt
  • Change the way you think about your money.

You may also want to check with your bank what support they can provide. Most banks offer budgeting advice.

Money Advice Service
Address: The Money Advice Service, Holborn Centre, 120 Holborn, London, EC1N 2TD
Phone: 0800 138 7777