New online budgeting tool to help people manage their money

Thursday 4 April 2019

A new, easy-to-use budgeting tool is available on the council’s website to help people managing their money.

The budgeting tool is designed to help people plan their finances and see where they can make savings each month. It only takes about 10 minutes to complete and provides an overview of how much money is coming into the household and how much is going out.

The budget tool is personalised and the information provided is stored securely. Once completed the budget plan can be downloaded for future reference.

A link to the council’s online benefits calculator is also available on the same web page. People can use it to make sure they are receiving all the money that they are entitled to.

Councillor Robert Moran, Convener of Inverclyde Council’s Health & Social Care Committee, said, “People in Inverclyde face a lot of economic challenges. Over 40 per cent of household suffer from fuel poverty. Nearly 20 per cent of working age people get a Department of Work & Pensions (DWP) main benefit and average wages are around 10 per lower in Inverclyde than in Scotland as a whole.

“Tackling poverty is one of this council’s key goals and while knowing how to budget doesn’t increase a person’s income, it does allow them to manage it much better. Many people struggle to make ends meet, particularly in the run up to payday. Knowing what is coming in and what is going out, is one of the most effective ways there is of avoiding running out of cash.

“This is a particular problem for people whose income varies a lot from one pay day to the next, especially if they get Universal Credit.

“If you find that your budget just doesn’t add up and that you can’t make ends meet because of debts like credit cards and loans etc. Visit our Struggling with Debt page, to see how else we can help you.” 

The easiest way to find the page is to type, ‘budget tool’ into the search field on the council’s website. Alternatively, the address for the webpage is:

https://www.inverclyde.gov.uk/health-and-social-care/information-advice/advice-services/budgeting-tool

Using exact figures gives the best results when putting together a budget. Finance specialists at the council recommend using information taken from:

  • Wage Slips
  • Bank Statements
  • Direct Debits
  • A note of anything paid for in cash.

An online chat adviser is available and people can also speak to an Advice First adviser on 01475 715299.

Page last updated: 5 April 2019