What a difference a budget makes..

Many of us have big ideas for our money in the new year. However, without a plan in place, those resolutions may already be slipping away.

A budget could be your lifeline to get your money plans for 2020 back on track. A budget is simply a plan for how you will use your money. It is the best way to take control of your day-to-day spending – the key to achieving your long-term money plans.

The idea of following a budget might sound restrictive or overwhelming, but it needn’t be. There are plenty of techniques for budgeting and it’s worth testing a few to see which works for you. However, if you want to get your 2020 money plans back on track today, one easy technique you can use start using straight away is splitting your money into three “pots”.

The Three Magic Pots

The first pot is your essential expenses (your rent, phone or internet bill, food, bus pass etc.) The second pot is money put aside to achieve your money goals (like building up savings or paying off debts). The final pot is for flexible spending (such as money for a night out, concert tickets, or birthday gifts). This method was originally proposed by Elizabeth Warren and Amelia Warren Tyagi, who developed the 50/30/20 rule, advising people to spend 50% of their income on essential expenses, 30% on financial goals and 20% on flexible spending.

There is no need to rigidly follow this 50/30/20 split, which is certainly not realistic for everyone, what matters is deciding on – and sticking to – proportions that work for you. It is worth spending some time adding up your essential expenses, thinking about what you would like to put aside for your financial goals, and what that leaves for flexible spending.

Once you have worked out your own split, the important part is the order that you allocate the money. First of all, make sure you put aside the amount you need for essential expenses. Secondly, put into a separate savings account (or directly to paying off debts) the proportion you have decided to put towards your money goals. Then, you can use the proportion leftover for guilt-free spending, knowing that both your essential expenses and money goals are already taken care of.

There is nothing wrong with putting aside just a small amount for your money goals in the beginning. Perhaps you need 80% of your income for essential spending and decide to put aside 5% to paying off your overdraft or saving for a laptop, leaving 15% for flexible spending. You can always decide to increase the proportion set aside for your money goals later, if you find ways to increase your income, reduce your essential expenses, or are willing to allocate less to flexible spending.

Keeping it realistic is key 

To be able to stick to your budget, it’s important that it is realistic. There is no point coming up with an overly stringent budget and putting a chunk of your money into savings, only to end up having to spend into your overdraft or credit card because you underestimated your essential expenses. Think carefully about what you realistically need to spend each month and don’t be afraid to review and change the proportions during the first few months.

Finally, if you don’t manage to keep to your budget one month, don’t be too hard on yourself. You have already taken an important step forward by being honest with yourself about how you spend your money and how you would like that to change. As you get to understand your money habits better and adapt your budget over time, you’ll soon be sticking to a budget and be well on your way to your money goals.

The post The #1 budgeting technique to get your 2020 money plans back on track appeared first on Money For Life.

The secret to saving is to keep it small, keep it regular, and be realistic.  Thankfully, there is some brilliant tech out there that will help you make a start. You can do it!

Round up your spending

Most banks today are offering clever apps which will ‘save the change’ –  whenever you use your card they round up the difference to the nearest pound and sweep it into a savings account. Smaller spends mean you save more because think about it: a £2.50 coffee nets you the same saving – 50p – as a £29.50 meal out.  The interest, that’s the amount of money you earn from saving, is pretty low and sometimes even nothing on these accounts. But once the pot builds up a little (it will) you could shop around and look at moving it to a more generous savings account.

Nudge your way to higher saving

If you want to have a bit more control over your spending and saving, why not go for a chatbot like Cleo, Plum or Chip. They monitor your spending and work out when and how much you can afford to save. They’ll either do it automatically or send messages nudging you to save the suggested amount. In the meantime, they’ll help you budget by keeping an eye on your spending and telling you if your coffee habit is getting a BIT too out of control. Kinda like a cross between your mum and a financial adviser!

Easy like Sunday morning

This is your Yikes fund, the pot you’ll be glad to have if your boiler breaks down, your granny isn’t well and you need to go and visit, or you lose your job. Aim for a few months of your typical income, or enough to cover a rental deposit if you have to move out. (P.S. emergencies don’t include those shoes you MUST have or late-night pizzas!)

Be sure that your account is ‘easy access’ – you don’t want to have problems getting your money in a real emergency.  So avoid ‘notice’ accounts (where you have to wait) and investment accounts, which put your money in the stock market and are only suitable for REALLY long-term goals.

But going easy-access means you’ve got to be strict with yourself. If you can resist dipping into your Yikes fund during the good times, boy you’ll be glad when you do need it!

Suss out your savings goals

You’ll have other stuff you want to save up for, like a holiday, new tech or Christmas presents.   So figure out your short-term, medium-term and long-term goals. For shorter-term goals, you want easy-access accounts but in the medium-term, you can lock up your money for longer to get a better return: try looking at regular saver accounts, fixed-term bonds or even current accounts that offer great interest (just make sure you don’t use their overdrafts!)

For long-term goals which will take more than five years to achieve, you might want to consider investing. This is riskier because you might lose money. But historically, the stockmarket has produced more wallop than cash accounts across most timeframes. There are plenty of apps known as ‘robo-advisers’ which could could get you started.

Switch your savings mindset

 Finally, it’s crucial to get in the right mental zone for saving. Don’t think of it as a sacrifice but as an act of self-care. Remember, it’s still YOUR money: you’re just putting it one side to give yourself more options, choices and ultimately freedom in the future. That’s why saving is so empowering – and so worth doing.

It does mount up.  The consumer group ‘Which?’ reckons that just by sweeping your change, you might save £1.22 a day on a typical spend. That adds up to £450 over a year.  And imagine if you could target £10 a week on top of that. That would bring your yearly saving to almost £1000. Wow!

Good luck on your savings journey. Starting it today is a decision you won’t regret!

The post The Struggle to Save appeared first on Money For Life.

Perhaps you absolutely smashed it out of the park when it came to your finances…I hope so! But the start of this New Year is the perfect time to ask: are there lessons we can learn to help us absolutely OWN our finances in the next decade? There sure are!

Spending has got a LOT easier.

The teenies was the decade that we started using debit cards – and specifically contactless debit cards – for EVERYTHING. Just tap and go, baby. Unfortunately, that has made us all far more likely to spend more, bust our budget and go into debt. When money becomes totally virtual, it’s tricky to get a handle on its REAL value.  So, as we go into a new decade, make sure you’ve got a grip on your spending. If you use contactless cards, at least make sure you also have an app that allows you to see your spending in real time, and categorise it so you know exactly where all the money is going. And maybe, just maybe, take some cash out once in a while to keep the spending in check. Just a thought! 

…and so has borrowing!

At the beginning of the teenies, thousands of young people were taking out instant, so-called ‘payday’ loans with hardy any credit checks. That didn’t end well, with dozens of lenders going bust and lots of borrowers getting into huge debt.

Towards the end of the decade, we started seeing a new debt danger: the rise of buy-now, pay later schemes like Klarna. These allow you to buy something, see if you like it then send it back, with no money changing hands. But if you keep anything, the bill’s due in exactly 30 days, and late payment will hurt your credit score, and therefore your borrowing prospects, in the future.

So before you click on the cute pizza icon at the checkout, think. Would you still buy this if you had the money? Do you really want or need it? I say stick to buying what you can afford right here, right now.

An overdraft is the quick fix, and from May an unarranged trip into the red will probably be cheaper, because the banks have been told to slash their super-high interest rates.  But the sensible, much cheaper, ‘agreed overdraft’ that many of us rely on will actually get more expensive. So be warned!

….but so has saving!

The teenies was the decade that the smartphone took over the world – and our finances! Today, we have a huge range of banking apps, which typically have

a “round-up” savings feature.  These round up the amount you spent to the nearest pound and transfer the difference from your current account into a savings account. You may also be able to choose when to round up or transfer spare cash, such as on payday. These apps are a game-changer for those who find active saving too difficult and well worth checking out next year, if you haven’t already. 

If you want to take things to the next level, you can now link your account to a chatbot like Plum or Cleo. It will analyse your spending, help you budget, flag up spending weaknesses (mine are beauty products!) and decide how much you can save and when to do it.

Social media rules

At the beginning of the decade, it was all about Facebook and Twitter. But later Instagram, YouTube, Snapchat and TikTok took over, partly thanks to the rise of influencer culture. As a new decade arrives, it’s important to keep influencers and their commercial activities in perspective. Numerous studies have shown a link between excessive time spent on these apps and mental health problems.

We view people who appear to have a better life than we do, and this can subconsciously influence us to spend money we can’t afford. Always remember that social media tends to present the edited highlights of other peoples’ lives, not the messy reality. Keep it real and resolve to live more IRL: it’ll do your finances (and your peace of mind!) the world of good.

The post Money lessons learned in the teenies (2010s)! appeared first on Money For Life.

If you want to really understand what’s going on behind your bank balance and what you can do about it, this book needs to be at the top of your reading list. Emilie’s approach helps you take a frank look at your finances – debts, poor spending habits and all – and start addressing them today. She takes you through practical tools to understand where you stand financially and how your beliefs about money are affecting the way you manage it.

From there, the book takes you through a process of setting money goals and lays out straightforward and friendly advice for achieving them – from getting debt-free to making your first investment.

Whatever your money goals, these are efforts we shouldn’t be taking on alone, according to Alex Holder’s new book Open Up: Why Talking About Money Will Change Your Life.

Would you be willing to share with friends and colleagues how much you earn? Alex thinks we should be sharing this and much more. In chapter two she leads by example and puts a number on the advance she received for writing the book.

Open Up argues that on a personal level, taboos about money are trapping us in shame, confusion, and bad habits. And, as a country, more transparency could be part of the answer to tackling pay inequality across gender, age, and race. Alex’s book is an invitation to have a more honest conversation about money in our relationships, with friends and at work.

The long-term impact of learning to talk about, plan and manage your money is life-changing according to Money Lessons, Lisa Conway-Hughes’ guide to money management.

Lisa knows that when it comes to money, most of us are scared, stressed and busy burying our heads in the sand. Her book encourages you to step back, map out the future you want, and understand how your finances can help you get there.

The book sets out a challenge: “If you spent an hour a month nurturing your finances for the next twelve months, how would you feel this time next year?”

Why not pick up any of these three books and set aside half an hour today to get started on resetting your own relationship with money.

The post Three books that will reset and reshape your relationship with money appeared first on Money For Life.

Indulging your hobby or passion by becoming part of a club will help you to meet other people who share your interests. Plenty of clubs are free to join, or offer cheap introductory fees – perhaps you’re:

• A sports fan?

Team sports, cycling or running clubs, and martial arts or athletic groups provide a brilliant way to make friends, as you’ll regularly meet up with the same people.

• A bookworm?

Reading is a solitary pursuit but starting a book club makes it a sociable activity. Starting out with just a few like-minded friends, all it takes is a little organisation, a packet of biscuits or two, and a few tea bags. To grow your group, encourage each member to extend an invitation to a friend from a different circle so that you can meet new people.

• A mover or a shaker?

Have a look at your local listings site and join a dance, yoga, or exercise class; these are often operated on a pay-as-you-go basis and needn’t cost a lot of money. Exercising releases endorphins and you’ll meet new people with common ground.

• A creative soul?

If you enjoy being creative then a weekly art, writing, or cookery class could enable you to devote more time to your hobby while also making friends who share your passion.

Tip 2: Search for free activities in your area

Google ‘free things to do in [your town or city]’, join your community’s Facebook page, or visit a local listings website for a calendar of events that are taking place in your area. Grab a friend and take a chance: although it might not be exactly what you’d normally choose, you’ll have fun and might discover a brand-new interest, for example:

• Battle of the Bands and smaller scale music concerts in public places
• Food festivals
• Cultural fiestas and celebrations
• Lectures and talks
• Exhibitions in museums and galleries

Live in or near London? Here’s a great article on things to do in London for free to provide you with some inspiration yet affordable entertainment in our vibrant capital.

If you live on the South Coast then here’s a handy list of free things you can do in Brighton.

Or, if you’re based further North then take a look at this long list of things you can do in Leeds for free. There’s also plenty of free activities in Manchester. No matter where you live there’s likely to be several places you can visit without having to spend a penny.

Tip 3: Boost your income with a sociable part-time job

Getting yourself some part-time work kills two birds with one stone, as they say. Not only will you be working with a whole crowd of potential new friends but you will also be earning money as you do so.

Fun part-time or temporary jobs include:

• PR and promotions for bars and clubs
• Bar or pub work
• Concert or festival stewarding/event crew work
• Resort holiday rep or ski season jobs

For more advice on getting yourself a ‘side hustle’, check out the Balance Careers’ article – ‘best second job ideas’.

Tip 4: Volunteer for a worthy cause

Helping out with a local charity or not-for-profit organisation benefits others and also means that you’ll meet new people. Plus, it will keep you busy and provide you with that all-important feel-good factor.

Giving back – whether helping out in a shop or shelter, lending your skills to a project, or mentoring someone who needs support – is humbling and will give you a new sense of perspective.

Tip 5: Get out more

Venturing out into the great outdoors is completely free, plus fresh air and vitamin D offer health benefits and an ideal way to reduce stress and lift your mood:

• Grab your bike and a friend and go for a cycle
• Don your trainers and go for a walk, hike or run with a mate
• Take your dog to the nearest park, woodland, beach or lake – there’s nothing like a dog to spark social interaction (if you don’t have a canine pal of your own then try a site like Borrow my Doggy)

Not feeling so active? Why not try:

• Going to restaurants or cafés with communal tables – far more sociable
• Reading a book or doing some work at a coffee shop – you never know who you might meet!
• Joining forces with a friend and packing up a picnic to enjoy in the park

When it comes to your social life – whether it’s admission fees or tickets, meals, and drinks, or travel and accommodation – costs can soon add up. Read this article, for more useful tips on how to avoid making purchases that you will regret. As well as this post on how to take back control of your money.

Hopefully, this article has provided you with some inspiration for sociable activities that won’t blow your budget, allowing you to strike the balance between friendly and frugal!

The post Top 5 wallet-friendly ways for socialising appeared first on Money For Life.

If you’re starting university in 2018/19, you probably know this part already. But in case you haven’t, then best get started.

The application doesn’t take long to complete. You will need your National Insurance Number, Passport number and bank account details. Student Finance will ask information about the uni you want to go to, the course you want to study and how much tuition fee you want to apply for.

*Disclaimer Alert* Remember the later you leave it, the longer it will take for your funds to get processed – and the last thing you want to do is live on beans and toast for a whole term.

When will I get paid?

So you’ve applied before the deadline (check) and you’ve provided all the documents they’ve asked for (check)…“Now show me the monnneyyyy” you say. Well not so fast. Before receiving your payments, you’ll still have to register at your university or college. I know, *rolls eyes* – but it’s best to bear this in mind from now, so you can prepare to cover any costs in advance for things like moving up to your new uni, your first term’s rent or Fresher’s week.

Assuming all goes smoothly, your money will be paid in three installments, with the first in September, second in January and third payment in April. Remember, three months is a long time to wait for the next ‘pay day’ so don’t blow it all at once and make that loan last longer. 

What if my student finance is delayed?

Firstly let’s hope it doesn’t! But if you do find yourself staying up all night waiting for something to appear, try not to panic just yet! It can take up to 5 working days for your payment to be cleared, check out Save The Student for a full guide. However, if your payment status says ‘blocked’ – this might be due to a number of issues including: Your N.I. number, incorrect bank details or (…the most common one) not signing your declaration form.

In this case, the delay may be more than 5 days, possibly even a few weeks, but thankfully there are other ways you can get funding to keep you in the meantime. These include:

• Interest-free overdrafts: As a student, you’ll be eligible to open a student account with any bank, and take out an interest free overdraft. Don’t forget to pay this back as soon as your loan comes through so your debts don’t grow.
• Seek financial support – Most Universities have a department which offers extra financial help for those in crisis. These can come in the form of Scholarships and Bursaries, Fee Wavers or Hardship funds. Check your uni’s website and Student Union for more information as access to these are usually first come first serve.
• Financial Ombudsman – If worse comes to worse, and you can’t find alternative support but your debt issues are spiralling out of control, call the Financial Ombudsman. They can be a real help acting as a middle man between you and any company giving you financial grief. In some cases they can even negotiate freezing any direct debit/late payment fees until you get your feet back on the ground.

When do I pay it back?

There are so many Student Finance Myths floating around about repayment schedules and amounts. The truth is you will only ever start repaying your loan and any interest back the April after you’ve finished or left your course, given your income is over the repayment threshold of £25,000.  It’s worth also knowing that after 30 years since finishing your course, you won’t have to pay back a dime!

Remember, when it comes to your Student Finance, the money has to go a long way to cover your essentials, so it’s a good idea to work out a budget you can stick to before splurging. Good luck! And let us know how you get on by reaching us @MoneyforLifeUK through Facebook, Twitter and Instagram.

The post Getting through University with Student Finance 2018/19 appeared first on Money For Life.

If you ever speak to a debt advisers, they’ll take a very practical approach to helping you decide what you should be paying off first. They ask what can go wrong if you don’t pay that bill or debt this month.

Deciding what to pay to pay off first is simple: you start with the ones where bad things can happen if you don’t pay the debt or bill. But do you know what they are?

Here is a list of the some of the bills or debts you might need to pay and the problems that can occur if you don’t pay them.

Rent – If you don’t pay your rent, your landlord could kick you out. This could mean no home or a very uncomfortable spot on your mate’s sofa.

Council tax – you could be sent to prison. OK so that’s quite rare, but councils are very fast to go to court and send bailiffs round.

Electricity, gas, phones – these could be disconnected. Unless plan on living in the dark, then you should probably pay these off.

TV license – you could get a large fine and a criminal record.

HP, logbook loans – you may have the goods or the car repossessed.

Magistrates court fines or CCJs – you could have bailiffs come round or have money taken from your wages

Tax bills for the self-employed – HMRC is a very difficult creditor to deal with and may even make you bankrupt.

And everyday living necessities

Equally important are food, heating, transport to work, nappies if you have little ones etc. Those are all essentials!

Consumer debts – not nearly so important

When people talk about debts, they often think of borrowed money, so all the different sorts of loans, credit cards (including store cards and catalogues) and overdrafts.

These are what we call non-priority debts. The problems you get from not paying these bills are less serious than if you miss a priority payment.

If you don’t pay one of these consumer debts this month for the first time your credit rating may be damaged but a debt collector is not going come to your house and take all your things.

Remember, if you ignore debts for a long time you may be taken to court. But that happens a lot faster with priority bills.

A temporary problem?

Sometimes you know everything will be OK soon. Perhaps you have just started a job and won’t be paid until next month, or you are just moving and won’t get your deposit back for a few weeks.

If this is the case, then it may feel scary, but phoning the people you owe money to and explaining when they will be paid usually works well. Also read I’m broke, what should I do? as some ideas there may help during the next few weeks.

When this is the first time you have hit this sort of problem, it can be very tempting to look for an emergency loan. But that normally makes life worse next month, as you have the new loan repayments to make on top of all your current ones.

Getting some help

This may all seem confusing, especially if you don’t have enough money for the essentials. You may be wondering which of the top priorities are the most important! For example, is it ok to not pay the rent if you have just applied for Housing Benefit or Universal Credit?

Debt advisers are good at helping you work out a plan, not just for this month but going forward. So if you are unsure what to do, or things have been getting worse for a while, then talk to someone who can help with debt. Here are a couple of suggestions:

Citizens Advice – provides free advice, usually with an office near you. If you have any problems with benefits, they can also help with those and can give you a foodbank voucher.

National Debtline – a free, telephone or webchat advice service, which is also open in the early evenings and Saturday mornings.

The post How do I prioritise my debts? appeared first on Money For Life.

Face to face is best

Ever been misunderstood in a whatsapp conversation? Yup it happens. So while it’s easy to hide because a call or a text, don’t be tempted. When having this conversation, it’s important you make yourself perfectly understood- and I’m afraid, this means face to face.

Keep the mood chilled and relaxed by choosing a bar or café. An open space provides an environment where there is a mixture of intimacy and some helpful noise to assist with any awkward silences.

The conversation

Start light– let them know that you’re here to talk to them about the money situation, but also, that you care about them.

Then be direct – ‘I need to ask you for that money back as it’s been some time now and I need it back.’

Don’t expect them to cough up the cash up straight away, they may need some help and time getting it together.

Do set a set a date, this will help them to make the necessary plans to get the money back to you.

You could suggest splitting it into a payment plan covering a couple of weeks or months. Reiterate that you know how life can be hard but you have your own set of financial commitments that you need to stay on top of. If possible, let them know what you need the money for as this helps them to understand your own situation.

Make sure you hear them out too as it’s likely there’s a good reason for not paying you back. Check out these articles for avoiding fights and getting out of debt.

Round it up

Once you’ve gone over the details, round up the conversation so you know you’re both on the same page with a statement such as ‘Glad that’s all sorted, so we’ve decided on £X amount on the 1st of every month’. Creating a summary is key to allowing both parties to show agreement and responsibility. If a summary isn’t given then it’s very easy for time to pass before someone says, ‘Huh? That’s not what I remember agreeing to’.

Now you’ve done the hard part, start talking about the shows you’re watching at the moment as a way to break the ice and show that you didn’t just meet up with them to talk about money!

Moving Forward

Now you’ve experienced lending money to a friend, it may make sense to not borrow in the future. Even if you are in a good position financially to lend someone money, it’s not always worth the impact it can have on the relationship with the person you’re lending money to. ‘I’m sorry, my money’s tied up at the moment. Is there any other way I can help?’ shows them that even though they can’t borrow from you, you still want to help in some way. Make sure they know that you’re always there to listen and you’re supporting them the best way you can.

If you’re worried about your friend or think they need further support, there are plenty of organisations who can help with debt, here are a few:

Citizens Advice – provides free, independent, confidence and impartial advice

National Debtline – A free, confidential debt advice service

Turn2us – helps those in financial difficulties access benefits

You can view Bola’s other article for Money for Life here

The post I lent my mate some money and now I need it back appeared first on Money For Life.

Spent a bit more than you could afford this summer? You aren’t alone. Come October most people will be hiding under their covers living off packet noodles, ignoring their phone (and their bank balance!). But don’t just sit there hoping it’ll all be OK by Christmas (when the spending begins all over again!), here’s how you can take action to clear your debts.

Got savings? Use them

If you have any money set aside, then the best thing to do is use it to clear your debts. That’s because any interest you’re earning on savings will be far less than the interest you’re paying.

Yes, I know people are always saying you should be saving up (how else are you going to ever get on the property ladder?). But it’s better to have an empty credit card to use in emergencies than a maxed out one where interest is added to your borrowing every month.

Find more money

But what do you do if you don’t have any spare cash? The longer you borrow money for, the more expensive it’ll be. So try to drum up as much extra money as you can, whether from selling the socks and jumper your Nan gave you (during a time when the weather was actually cold enough  to wear them!) through to having a few less nights out. Then put it towards your debts as soon as you can.

Target your most expensive debt first

If you’ve more than one debt to clear and can’t afford to pay them all off at once, then go for whichever is costing you more each month. This won’t necessarily be the largest one.

Axe the interest on your credit card

You’re likely getting charged around 20% in interest on the money you’ve spent on your credit card. That’s huge. Zero sounds much better doesn’t it? Well, as strange as it might seem, you can get this if you move your borrowing to a 0% Balance Transfer credit card.

This essentially means you pay zero interest on the money for a set period of time, so you’re able to pay off the money without anything getting added. Some banks will charge a small fee to transfer the money and you’ll also need to make the minimum repayment every month – otherwise you’ll not only be charged penalty fees, you might also have the 0% offer removed.

But it’s very important you pay off the card before the 0% period ends – otherwise you might get charged even higher interest. The best way to do this is to divide the total amount of your debt by the number of months you’ve got it at 0%. Then set up a Direct Debit from your bank account to pay this amount on the same day every month. If this amount is too much, at least pay the most you can afford – not just the minimum.

There are 0% cards for people with poor credit scores, but if you can’t get one of those then try for a low-interest balance transfer cards. This will at least reduce the interest you’re paying each month.

Overdraft

Only used the overdraft to pay for Christmas? Well, that’s a debt too – one you might find even more expensive than a credit card!

You’ve a few options. If the overdraft hasn’t been approved by the bank, see if they will agree one – it should cost you less. Better still, you could even switch bank to one with lower overdraft fees, or even one with a small 0% overdraft.

Alternatively you could apply for a 0% money transfer card. It works in the same way as the balance transfer card. Plus it comes with a fee for moving the money.

Get debt help

Everything above should be manageable for most. But if the debts aren’t just from Christmas, and have been building up to the point you can’t cope you need to get help ASAP. Don’t be freaked out. Talk to charities such as StepChange, Citizens Advice or National Debtline to get free, confidential support.

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The post I went over board with my summer spending and now I need to clear my debt appeared first on Money For Life.

Is gambling a problem for me?

It can sometimes be difficult to tell if gambling is a problem for someone or not. Unlike problem drinking or drug use, you can’t see it, smell it, or feel any physical effects.

It can be useful to define problem gambling by asking yourself this:  am I continuing to gamble despite the negative consequences that it is having on my life?

If you want to know if your gambling might actually be a problem, click here to take BigDeal’s self-assessment quiz!

What are the negative effects that gambling can have on my life?

• Finances

If your finances are a bit inconsistent, loads of money one minute and none the next, it might be an idea to see how your gambling is having an impact on this. If you’re always out of pocket or have ended up in debt, think about how gambling might have influenced this. What can you do to make your finances a bit more stable? Have you thought about your budget?

• Mental Health

The buzz of a big win and the atmosphere of a casino might feel great. For some people, the draw of gambling can also mean low mood and depression when they’re not able to play or something goes wrong. If you gamble and are suffering with mental health issues, consider whether the two might be connected. It can be really helpful to talk to someone you trust about this.

• Social life

Problem gambling can have a negative impact on your personal relationships. It might put strain on your friendships if you’re not around as much, and close relationships will be impacted by changes in your mood or by your dishonesty if you try to hide how much you are gambling. For tips on difficult conversations about money, check out this article.

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