Money Management

Managing your money

It is important that you manage your money and budget well to enable you to:

• Pay your rent on time and avoid getting into arrears
• Meet your essential living expenses
• Keep debts to a manageable level
• Save for leisure, occasional and seasonal events such as Christmas
• Avoid money anxiety and fall into the trap of making huge debt payments or taking on more credit.

We recognise that residents have diverse skills and some may require help with financial planning and help to develop budgeting skills.  If you need help or assistance with your budgeting skills, we can provide you with support or signpost you to organisations who can advise or support you.

Saving money

Saving money for unexpected future expenditure is always a good household practice. It can be put to good use or help with emergencies and reduce some of the stress if you are faced with sudden and unexpected expenditure. You can also improve your credit score by saving regularly. If you require support with this, Tamil Housing can signpost you to professional organisations that can provide advice.

Reducing your energy bills

One way of saving money is by reducing your energy bills. You can save money from your energy bills by:

• Use a thermostat to heat and control your home consistently
• Draw your curtains in the evenings – 40% of heat can be lost through windows
• Keep room doors closed as warm air is sucked into cooler areas like halls and landings
• Only heat the rooms you use – turn off radiators in bedrooms during the day, turn them back on an hour before you go to bed
• Lay a rug or carpet on vinyl or laminate floors to stop heat escaping
• Making sure your hot water cylinder is insulated with a suitable insulation jacket
• Shop around for your gas or electricity supplier to get the best deal every year