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Managing Personal Finances

We understand the costs involved in running a pub and know how tricky it can be to balance the income and outgoings. Establishing your budget is a good start to managing your finances. The Citizens Advice Bureau has a useful tool to work out your budget.

Having identified your outgoings, the next step is to explore where you might cut down costs. There are many ways to do so: shopping around for better deals for things like utility bills, mobile phone contracts and insurance. Cutting out little things that you spend on daily and looking at which supermarkets offer the best deals can also make a big difference.

Below are a few suggestions on how to cut down costs:

  • Comparing prices between different energy providers to ensure you get the best deal.

There are several tools available:

You might be missing out on a benefit you're entitled to that could make a real difference to your income.

  • Council tax reduction

Ask your council to spread your Council Tax over 12 months instead of the usual 10. This will reduce the amount you pay each month.

You might be entitled to a discount on your Council Tax if you:

  • live on your own
  • live only with someone who's under 17 or a full-time student
  • live with someone with mental health problems
  • live with someone who is severely disabled
  • earn below a certain amount of money - this depends on where you live

You can check and apply online.

  • Check your Council Tax band is right

Your bill might be higher than it should be if your property is in the wrong Council Tax band. Follow the steps on the MoneySavingExpert website to check.

  • Managing mortgage payments

Switching to a cheaper mortgage could help you manage your monthly payments. Find out how much remortgaging your property might cost and what you need to consider before going ahead with the Money Advice Service guide.

If you’re struggling to pay your bills and are worried about debt, we can help you with practical advice and guidance, so call us on 0808 801 0550. Another great organisation, StepChange, is the UK’s leading debt charity and their guide to managing personal debt is full of invaluable support to help you get your finances back on track. 

If you are still struggling to pay for essential living expenses and have been working in the trade for a minimum of five years, give us a call on 0808 801 0550 as you may qualify for financial assistance. 

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