Y o u r M o n e y Your T


Money


he credit crunch has been with us for a year, food prices and bills are still rising – money


is a worry for many. But if you're expecting a new addition to your family, don't let those money worries start to overshadow your happy news.


Starting this Summer, all expectant mums are being given a free Parent's Guide to Money – usually from their midwives. This is a new folder that, brings together everything you need to know about dealing with the financial impact of having a baby – it's free, easy to understand and it doesn't try to sell you anything! In fact, you could discover how to save some money or how to claim some benefits.


A NEW BABY ON THE WAY


– Just How are You Going to Cope Financially?


The Parent's Guide to Money includes straightforward information on budgeting, state benefits, cost of children and childcare, maternity and paternity rights, savings and work. It was developed with the help of parents and those who work with them, and is designed accordingly, being both robust and wipe-clean. It also includes a CD-ROM containing a number of easy- to-use budget and 'returning to work' calculators.


Joe Walsh, The FSA's Financial Capability Manager to the MOD says "This guide is part of the FSA's National Strategy for Financial Capability, which aims to help everyone in the UK become


better able to manage their money, keep track of their finances, plan ahead, choose financial products and stay informed about financial matters".


So, if you're expecting a baby – congratulations, and don't forget to ask your midwife for your copy of the Parent's Guide to Money. If you would like to see a copy of the Guide before your second scan, your local HIVE office has a reference copy.


You can also take a look at the Parent's Guide to Money online at www. parentsguidetomoney.fsa.gov.uk or for general money tips with ‘no selling, no jargon, just the facts’ visit the FSA’s website at: www.moneymadeclear.fsa.gov.uk


HOUSEHOLD BUDGETING IS BORING


…or could it just save your bacon? Rob Thomas of Your Nutshell gives some timely advice


O


kay, at this point you’re probably depressed, want to bury your head in the sand, but, as the old


adage goes, ‘failing to plan is planning to fail’. Tere’s still time now to spend just a few minutes looking closely at your household budget, and instead of being depressed, feel as if an enormous weight has been liſted off your shoulders.


In the last issue of Envoy articles talked about maximising your income by ensuring you are receiving all the benefits you are entitled to. Taking it that one step further my advice is to manage your household budget on a monthly and quarterly basis. Not only will it avoid any pitfalls during this difficult time, but


22 Autumn 2008


it will ensure you and your family can plan for those events in the year that need a little extra injection of cash, like holidays, birthdays or Christmas.


By putting the starting balance in each month (such as when your pay goes into your bank) the ‘real time’ budgeting allows you to manage your finances effectively. You know planned increases, such as the end of a fixed rate mortgage, you can see what impact it’s going to have, and when. You can then do something about it before it’s too late, like fixing a new rate up to 6 months in advance or by selling things on ebay! If you should find that no matter what you do, the monthly negative balance


is getting bigger each month, then www. cccs.co.uk can offer free, impartial and confidential advice, and you’ll have the figures to show them.


There is no doubt inflation is higher than the reported headlines. But if you look closely at where you are spending your money, and what’s important to you and your family now, you can make a real difference. It could be the difference between struggling and surviving the credit crunch!


Your Money in a Nutshell has devised a new service and budgeting tool and is being offered free to Envoy readers for 12 months. For details go to the ‘Readers Offers’ page.


www.raf-families-federation.org.uk


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