Schools debate best way to use finances

Just like the school system, we have to figure out the best financial decisions for our own budgets.

08:13 22 June 2013

With possible cuts to school funds looming on the horizon, and reportedly increases to the pupil premium budget, schools are experiencing pressures to use pupil premiums towards other school needs.

 

In our own financial endeavors, we often have to assess the greatest need and try to meet that need with our funds. It is important to make a good decision about how to spend when we do not have a lot, or any, extra.

 

• Prioritizing—you probably know what the most pressing need is for your financial situation. It could be groceries, utilities, credit card bills, loan payments, or something else entirely.

Ideally, you will be able to make all your payments on time, but life gets crazy and we know that is not always possible. Communicate with your different companies to find out if any of them are able to take a partial payment, or will accept a late payment with a smaller fee.

• Economy—the economy fluctuates but you can minimize the impact it has on your financial life. You do not need to become a victim of a poor local economy. First, you will want to examine your expenses to find out if they are really necessary.

If not, try to eliminate them. Even if you scale back your spending to free up some cash, you may be happier when you do not need to worry from payday to payday about how you are going to get by.

• Resources—find out what resources are available to you and make use of them. If you are having some financial difficulties due to a temporary situation, you may qualify for help from the social fund.

You might be able to receive free finance counseling, or funds to help you manage. The first step to making it over a difficult hurdle is often just reaching out to entities capable of offering help.