Reporter tackles spending culture and talks to a money coach
11:30am Tuesday 31st January 2012 in Where I Live By Abigail Woodcock
We live in a spending culture where it’s easier to reach for the plastic rather than worry about the cash.
Reporter ABIGAIL WOODCOCK talks to a money coach about how to take back the control of your finances.
WHETHER we like it or not, money affects almost every aspect of our lives.
But the CAP money course, run by national charity Christians Against Poverty, is on hand to help by encouraging people to get into good habits with their spending.
It is run over three evenings and looks at living on a budget, managing your money and living by cash instead of cards.
Sarah Stent has been a money coach for two years.
The mother-of-three said: “It’s enabled people to be in greater control of their finances - building a budget, cutting costs and even putting money aside to save.”
Looking at where your money goes each day is a good way to start managing your money.
Sarah said: “It’s worth looking at what you can cut down on - things you flitter away money on on a daily basis.
“Buying a £2 coffee every working day works out at £40 a month - people could think about carrying a flask instead.
“It’s amazing what people can find to cut down on.”
One of the things the course teaches is to live by cash.
Sarah said: “Living by cash challenges the mentality of buy now, pay later.
“You look at your outgoings and you work out what you need to buy each week, such as groceries or lunches, and pay for them with cash.
“It puts people back in control.”
The course starts tomorrow night (February 1) at Belvedere Baptist Church in Nuxley Road at 7.30pm until 9pm.
For more information, call 020 8306 3967 or go to capmoney.org
EVEN though Eric Plaiche works an accountant, he used to struggle managing his own money.
The 34-year-old of Knights Manor Way, Dartford said: “I used to look after my boss’ finances, but when I got home, I wouldn’t want to open one of my own bank statements.
“Then every month I would look at my account and I couldn’t see where my money had gone.
“One day, someone gave me a flyer to the CAP money course, but I chucked it away.
“I didn’t think I needed to go - I’m an accountant.
“But then I realised I wasn’t in control, I was always in the red.
“I had no idea where my money was going.”
Mr Plaiche attended the CAP money course at Belvedere Baptist Church and says living by cash instead of using plastic encouraged him to budget.
He said: “I started drawing out £100 a week and saw where my cash was going. I was going to the pub, gambling, spending it on silly things.
“It makes you look at how easy it is to get credit. You are given so many options and you just keep spending.
“So I looked at ways I could cut down.
“I now use my debit card, but I give myself an allowance for the week.
“If I find that I’ve spent it all in less than a week, then that’s tough.
“It’s about learning to say no to people and not being so frivolous.”
Mr Plaiche, who gets married in August, added: “I used to think ‘I can’t even look after myself, let alone a wife and children.’
“But now I feel more in control.”
Top five tips on how to manage your money
1. Live by cash - draw out your weekly cash amount and live without using cards.
2. Plan ahead for the whole year by working out your monthly outgoings and saving in advance.
3. Cut out on extravagant items you can do without.
4. Have three different accounts - a savings account, a cash account and a regular payments account, where your direct debits come out from.
5. Check your online banking at least twice a week so you can keep an eye on your outgoings
