Live ChatArticle written by SSAFA Welfare Officer, RAF North Team: Chris Sherwin
Paying the minimum monthly payment on a 34.9% APR Credit card with a £250 balance could take 18 years to clear and cost £7,400 in total. Pretty frightening? It is a pity awareness of this, and other financial matters are not taught in schools.
Many, if not most, people who come to SSAFA’s RAF Personal Support and Social Work Service (RAF PS&SWS) speak quite openly about mental health, relationships, addiction and many more issues.
However, when it comes to talking about financial matters then it’s quite a taboo subject and a cause of embarrassment for most people. In the eight years I’ve worked for RAF PS&SWS I’ve only had one person – yes, just one – speak openly about their finances during the initial appointment.
After a few meetings with a service user and picking away at the initial issue they present with, there is usually a financial issue there somewhere. These issues can range from short- or long-term debts, financial mismanagement, unexpected expenses, lack of employment opportunities for partners, addiction issues such as alcohol and gambling, rises in utility bills… The list goes on.
When a person discloses about their financial issues it is quite concerning some of the responses I get when asking them why they have not spoken up or sought help before.
Some of the reasons given are fear of judgment from peers, embarrassment, fear of career being affected. These fears often create an environment where silence feels like the safer option.
Reader, it’s not.
But once someone has made that initial step and have disclosed their financial issues, we can then start working with them to find the correct way forward, and there is a plethora of debt and financial support available.
That said, in my experience, some are good and some are bad, and I’d suggest people avoid debt consolidation offers and pay day loans as they invariably create further financial issues.
However, there are a couple of websites that I will always signpost people to, including
StepChange Debt Charity. Free Expert Debt Help & Advice and Get free debt advice - GOV.UK.
Again, based on my years of experience in this area, there are a few bits of advice regarding debt that I tend to give out, and the first is:
Try not to ignore contact from creditors
Creditors are the people you owe money to, and hard though it might be, do speak with the creditors and explain your situation. If you don’t feel confident or comfortable speaking to creditors, use a third party such as the charity Step Change. You can also contact Citizens Advice.
The RAF Benevolent Fund can look at providing financial assistance for some day-to-day living costs, too.
But before this, the most important, and most difficult, step to take is to contact us, and you can do this through any of the ways below:
Live Chat: please click on the Live Chat button at the top of the page, or in the bottom right corner.
WhatsApp: +442037690808
Facebook: facebook.com/ssafarafpssws
Email: Use our contact form here.
Call: 0800 058 4690 (UK callers) | +44 20 4570 3939 (Overseas callers)
Below is a list of suggestions that really work for people all year round, and some that might be of particular help with the long school holidays and Summer breaks on the way.
Budgeting:
Use comparison websites for utility bills and insurance policies.
Sign up to money saving websites such as Money Saving Expert: Credit Cards, Shopping, Bank Charges, Cheap Flights and more
Use military discount where available, Blue light card is a good starting point: Blue Light Card | Discounts for NHS & Emergency Services
Use a local authority money advice service to check if you are receiving all the benefits you may be entitled to.
School Holidays:
School holidays can be a difficult time for maintaining financial stability. So, to save money over the long break, consider following the advice below:
Before the holiday
- Set a Budget - Determine how much you can realistically spend and stick to it.
- Early Booking - Book flights, accommodations, and popular attractions in advance, as prices tend to increase closer to the holidays.
- DIY Travel - Consider booking flights and accommodations separately to potentially find better deals, rather than opting for package deals.
- Pack Smart - Avoid checked baggage fees by packing light and bringing your own snacks and drinks.
- Free Activities - Research free local events, such as festivals, concerts, and community activities.
- Library Visits - Take advantage of free resources at your local library, including books, movies, and events.
During the holiday
- Make the most of Free Activities - Explore parks, playgrounds, nature walks, and other free or low-cost activities.
- Local Events - Check your local council website and community groups for free or low-cost events.
- Supermarket Loyalty Schemes - Use supermarket loyalty schemes for discounts on attractions and food.
- Kids Eat Free Deals - Look for restaurants and supermarkets offering kids-eat-free deals.
- Homemade Fun - Engage in creative activities like board games, crafting, or baking.
- Pack Snacks and Drinks - Avoid expensive impulse buys by bringing your own food and drinks.
- Consider a Staycation - Explore local attractions and activities instead of spending a lot on travel.
- Lend and Borrow - Utilise online groups or community resources to borrow or lend items like camping gear.
- Involve the Kids - Discuss saving strategies and involve children in planning activities to promote financial awareness.