Slides used by Niamh Goggin, Small Change, as part of the workshop on ‘Money matters in Big Local areas’ organised as part of the Local Trust programme of networking and learning events for Big Local residents. The workshop was held on 8 February 2014 in Corby. Find out more about Local Trust and this and other networking and learning events at http://www.localtrust.org.uk/ and about Small Change at http://small-change-ltd.org.uk/)

1. Money matters
in Big Local areas
Developed by Niamh Goggin, Small Change
Hazelwood Neighbourhood Centre, Gainsborough Rd, Corby
8th Feb. 2014

2. Money Matters
• Welcome
• Using the workbook
Activity – something to DO
Reference – something to read later
• Checking your learning
– I get this
– I can explain this
– This is important for our Big Local

3. Breaking the ice!
• Introduce yourself to one of the
people at your table, who you
don’t already know;
• Find out their name, what Big Local
area they are from and what they
hope to get from the day;
• Make a note and we’ll ask you to
introduce each other so we all
know who is in the room.

4. What’s Up Today!
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Budgeting
Savings
Better Borrowing
Better Buying
Consumer Rights
Big Local Money Matters Tips
Impact on your Big Local Area
Next Steps

5. Money Worries
Money Worries
Money never seems to
stretch to end of fortnight
How can we help?
Budgeting, better buying
Comments

6. Budgeting
A budget is a plan of all the money you have
coming in and all the money going out.
Having a budget and USING it to manage your
spending means..
YOU ARE IN CONTROL!

7. How to Budget
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How do people in the room manage?
Jam Jars / cash budgeting
Spending diary
Cut back calculator
Budget planner
Monthly Money Matters session

8. Making the Most of
your Money
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Claim benefits you are entitled to
Get on top of any debts–clear high interest 1st
Stay in control – open the bad news envelopes
Free Advice and information
Money Advice Service is the government’s free,
unbiased, independent advice service with advice,
tools, resources and news on managing your money.
0300 500 5000 or
https://www.moneyadviceservice.org.uk/en

9. Savings
• Why save?
• How to Save
– Set a savings goal
– Work out how much you can save a week/month
– Decide where to put your savings
– Get started and watch your savings grow

10. Golden Rules of Saving
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Safety first – not under the bed!
Little and often
Rainy day money
Goals and rewards
Teach your kids to save

11. Better Borrowing
• What matters most when borrowing money?
– The interest rate (APR or AER)
– How long you borrow for (the loan term)
– How much you have to pay every week or month
– Whether you can afford the repayments
– Whether you have to travel to the office to make
the repayments
– How much you repay in total
– What matters most to you?

13. Five Factors
1. Interest rate - lenders are obliged to quote you an annual interest
rate which includes all fees. If they don’t do so, they are breaking the
law;
2. Cost per £100 borrowed - a handy way to compare costs between
borrowers;
3. Can you afford the weekly or monthly repayments?
4. Total cost of credit - how much in total will you have to repay for
your loan;
Watch out for hidden penalty charges and interest rolled over
5. Finally, you need to match the loan term to the benefit.

14. Better Buying
Where could you save
money:
• Gas and electricity?
• Water?
• Phones?
• Mobile phones?
• TV subscriptions
• Insurance?
• Travel?
• Holidays?
• Food shopping?
• What are your best tips?

15. Buying Advice
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Home phone
Broadband
Mobiles
Gas and Electricity
Save Energy
Travel Costs
Shop smart:
– Price comparison websites
– Supermarket vouchers and codes
– Discount vouchers and codes
• Smarter Buys http://gm.sbstore.org/how-does-it-work
The Greater Manchester Smarterbuys Store is a brilliant alternative to high
street weekly payment shops who charge very high interest rates. Its
being promoted by Northward Housing is an alternative to high street
weekly payment shops who charge very high interest rates. Its being
promoted by Northward Housing

16. Know your
SADFART rights!
• Goods must be:
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Satisfactory quality
As
Described
Fit for purpose
And last a
Reasonable length of
Time!
• The RETAILER is
responsible!
• You have up to six years
to return faulty goods,
but after six months,
you may have to show
that the problem is a
design or manufacture
fault

17. Services
Services should be provided with:
Reasonable care and skill
Within a reasonable time and
At a reasonable cost.

18. Online, Mail Order, from
Home
Distance Selling Regulations
• Seven working days to cancel
• The seller must refund your money within 30
days
• eBay
– buy it now – as above
– Auction-style purchases – much less protection

19. Enforcing Your Rights
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Know what outcome you want
Act on your complaint as soon as possible
Stop using goods/services
Keep a note of actions/conversations
w’date/time
• Keep a log of extra costs
• Last resort – Small Claims Court

20. Welcome
Gary Elmore
Citizens Advice Services Corby and Kettering

21. Money Matters Tips
• What did you learn so far today?
• What advice would you give to friends?
• What would help residents in your area?

22. Impact on Your Area
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budgeting
saving
better borrowing
better buying
your rights as
consumers.
• Most helpful to
residents?
• How are residents
affected?
• Effect on whole
community?
• More effect on some
groups?

23. Who could you talk to
locally?
• Who could you talk to from your local
community?
• Who works on this type of problem in your area?
• Is there a locally-based money or debt advice
service?
• Is there a local credit union or CDFI (community
development finance institution).
• Are there payday loans companies, cash-for-gold,
pawnbrokers, home credit providers or illegal
loan sharks operating in your area?

24. Who could you talk to
outside your area?
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Niamh Goggin, Small Change:
niamh@small-change-ltd.org.uk or 02895 810803
Local Trust:
biglocal@localtrust.org.uk or 0203 588 0565
Citizens Advice: 08444 111 444
http://www.citizensadvice.org.uk/index/getadvice.h
tm
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National Debtline: 0808 808 4000
http://www.nationaldebtline.co.uk/england_wales/
contact_us.php
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StepChange Debt Charity: 0800 1381111
http://www.stepchange.org/#
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Martin Lewis’s MoneySavingExpert.com
http://www.moneysavingexpert.com/
ThisisMoney.co.uk.
http://www.thisismoney.co.uk/money/index.html
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Transact is the national forum for financial
inclusion. Phone: 020 73922961 Email:
transact@toynbeehall.org.uk Website:
www.transact.org.uk
ABCUL is the membership organisation for most
English credit unions. Website:
http://www.findyourcreditunion.co.uk/home
Phone: 0161 832 3694 Email: info@abcul.org
Website: http://www.abcul.org/home
The Personal Finance Research Centre, University
of Bristol Phone: 0117 9289954 Email:
david.collings@bristol.ac.uk
Website:
http://www.bristol.ac.uk/geography/research/pfrc/
about/
The Stop Loan Sharks Project allows people to
report unlicensed money lenders (loan sharks) in
confidence. Tel 0800 0740878 Text 60003
http://www.stoploansharks.org.uk/

25. Next Steps
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I think
is important
When I get back I will……
We will find out more from ….
Checking your progress flip cards

26. Thanks
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Local Trust
NANM
Citizens Advice Service Corby and Kettering
Hazelwood Neighbourhood Centre
Tell us what you think
Take your learning card with you
Safe journey home