At Teacher Support Network we know how difficult it is to manage your money, and fully understand how money troubles can affect your overall health and wellbeing. Financial strain can have an impact over everything from relationships to the working day, and often problems crop up when you least expect them to.
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Managing finances has never been easy. With so many outgoings it is often hard to keep track of the money going in and going out of your bank account. With energy bills reaching record highs and increasing inflation affecting all aspects of everyday life, it sometimes seems impossible to start saving and avoid debt.
With so many outgoings, checking your bank balance can be an experience many find difficult to face. It can sometimes seem that more is going out than in, and if this is the case, we feel that we can help you.
The factsheets below give useful advice on how to make the most out of your money, ways to save and the effect money can have on our everyday lives.
We believe that a budget is a brilliant way to keep track of all of the outgoings you have to deal with on a day to day basis. Often the simplest and most obvious budgets are the ones we understand the best and factors such as objectives, planning and break-down of costs can save you thousands over a single year.
If you are interested in writing a budget, need hints and tips on how to make yours more effective or are looking for information regarding saving money, then take a look at our related factsheets for further advice and planning.
Sometimes getting into debt is unavoidable, and the area is much less of a taboo than it was 50 years ago. If you are in debt and struggling to cope, don’t worry, we are here to help and are always willing to offer advice should you need it. Our Support Line gives you the ability to discuss your problems with a trained member of our team in a confidential and sensitive way. Contact us on 08000 562 561 or 08000 855 088 (Wales).
Alternatively, our Debt management factsheet below give some advice on how to handle low-level debt. We also recommend the following resources:
- The Consumer Credit Counselling Service has a great array of debt advice covering all topics, online tools and a dedicated support line - recommended.
- The Citizens Advice Bureau have an extensive Debt management section, including fact sheets on bailiffs, loans, courts and a jargon-buster
- Financial Services Authority - have a section of their site for consumer advice, and a dedicated phoneline
Other advice on our site
- Which debt to pay off first
- Bailiffs and Debt Collectors - what they can and can't do
- How to deal with loan sharks
- Hire purchase and debt
- Dealing with debt after a death: a checklist
It is possible to set up Debt Relief Orders (DROs) or Individual Voluntary Arrangements (IVAs) which are legally binding long-term agreement to pay off debt. These are generally considered the last step before insolvency. Check on the Insolvency.org.uk website for how these work and for help to carry them out. They have a number of useful free publications on DROs and IVAs.
We recommend you talk to us if debt is getting to be this big a problem for you.
In extreme situations you may file for bankruptcy. Check the Insolvency.org.uk websites 'Personal' section for in-depth advice.
Before you are stable in a job or have a regular income, money can be more of a worrying factor in your day to day life than ever before. Whether you are surviving off a student loan, part-time wage or an ever expanding overdraft, the crucial steps towards that teaching job seem more important than ever.
If you are studying you may be entitled to some financial help in order to ease the stress and worry of everyday life. Be sure to contact your union or student body if you have any queries or concerns regarding financial aid, or talk to us for help in locating benefits.
The Department for Education site has a section outlining grants and assistance available for support in all training pathways - employment based, undergraduatre and postgraduate.
If you are concerned about how stress is having an effect on your everyday life, why not take our Online Stress Test.
Money worries are one of the main causes of stress and anxiety in the UK. If you are struggling to cope with the stress of your finances, don’t worry, you’re not alone. If you want to talk to someone confidentially regarding this issue, why not call our Support Line on 08000 562 561 or 08000 855 088 (Wales)
Alternatively, why not visit one of our factsheets for information and advice on how to deal with stress, anxiety or depression.
- Coping with stress
- How do you cope with stress - Avoider or Stresser?
- Teachers give us top stress-busting tips
The Stress Management Society help individuals and organisations deal with stress and have a range of online tools, extensive information and wizards to help.
Stress and Anxiety often go hand in hand - Anxiety UK is a great recourse to help you with minor or major anxiety issues.
Occasionally teaching staff may be eligible for a grant, which can aid you if struggling financially. Teacher Support Network has its own Grants team, who can assist you with any queries or questions you may have regarding availability and eligibility.
The basic rules for a grant application are as follows:
- You must be a former, retired or serving teacher
- Be teaching, or have taught in England or Wales
- Have taught for at least one term in England or Wales on a full-time basis
- Have QTS
- Have under £4,000 in savings
Whether the subject of tax has you riveted or bored to tears, it is an important aspect of our working lives. If you have any questions regarding tax or are unsure about tax returns or claiming back tax you can give us a call.
For detailed guidance there is no greater authority than HM Revenue & Customs themselves:
If you are reaching retiring age or are thinking about retirement and want more information, please visit the retirement section of our website.
For further information regarding managing your money and budgeting you may find these links useful:
For details of how to get in contact with your teaching union see our list of the main education unions.