THE FOLLOWING LETTER WAS SENT TO US HERE AT LEWIS ALEXANDER FINANCIAL MANAGEMENT BY A UK CONSUMER WHO HAD CONTACTED US FOR ADVICE. THE INDIVIDUAL ASKED IF WE WOULD PUBLISH THIS POST ON OUR DEBT MANAGEMENT BLOG FOR OTHERS TO READ AND WE AGREED TO DO SO.
- I may not have gone to university and studied politics
- I may not have a higher education
- What I have done is worked since the day I left school. I have tried running my own small business and now I find myself out of work and having to look for government help just to live.
So I may not be a politician but I do have life and work experience as a normal woman who finds herself at 34 years old with no money and over 18 years work experience.
You may say I should have saved some money over the years, well now I am learning that I really wish I had.
Nobody ever taught me at school about hard financial times and changes in personal circumstance that could affect me in my future. I also wish they had prepared me for this and some of the basic life difficulties we can expect to suffer.
From when I was 16, I worked to go out socialising, buy clothes and go away on holiday. Sometimes 3 holidays a year! So yes, I lived and yes, I spent all my money on clothes and nights out within the space of my first 2 weeks of a payday.
At times I went on self destruct and spent every penny I had. It started small with credit cards and store cards and ended with so many different types of loans it got completely out of control, not once but twice! I wish I had been taught about living within my means, I wish I had been forced to save some money for a financial emergency like I face now. I am actively seeking a work and I am applying for up to a minimum of 5 jobs per day. The problem is that there are so many unemployed people applying for the same jobs that more often than not I do not even hear from them. I have never been out of work, I want to work! I do not want to be supported by the government but what else can I do?
I have lost my business and my employment all within the last 12 months. I lost my house and split up with my long term partner. I now find myself under so much pressure to find a way to pay my rent and council tax which has fallen due and I can’t even pay my water or electricity bills or buy food.
I wish that from when I had started working there was a governmental compulsory savings scheme (GCSS) that deducted an amount from my wages on a weekly or monthly basis so that if you ever had such a financial emergency like I face now, I could claim back some of my savings to pay my utility bills and food and maybe even a suit for job interviews.
If I had been forced to save a minimal amount of say £25 per month since I had started working, there would be £5400 for my utility bills food and a smart suit for interviews! Get my point?
I wouldn’t now need to be supported by the government and I could be using my governmental compulsory savings scheme to pay my living bills. Why won’t the government make you save a very small percentage of your earnings per month, any pro rata percentage would be helping me at this difficult stage in my financial life.
You could say I should have been responsible enough to do this myself but I wasn’t and it is when you get to the position I am now in that I wish I hadn’t wasted the money I have.
- I wish I hadn’t bought a house
- I wish I hadn’t opened a small business
- I wish I hadn’t gone on all the holidays I couldn’t afford
- I wish I hadn’t bought a car I couldn’t afford
- I wish I had not just lived way above my means like the rest of the country
I can’t take back how I have lived but my biggest wish is that I had honestly been taught at school about the hardships I could face and someone had forced me to save a percentage of the money I wasted.
I want to work and I am actively seeking. I hope to have employment again very soon but with the added stress of worrying about how I will pay my bills and the collection companies calling me regarding my outstanding utility accounts the pressure makes the job hunting so much more stressful.Why does the government not put a compulsory savings scheme (CSS) in place and then so many people wouldn’t need supporting when an unexpected hardship arrives?
I am desperate to take a job. I am applying for jobs with salaries of £14000 less than what I am used to. If I had more time I could be looking for employment in a job that wouldn’t only pay my utility bills but would also allow me to pay some of my creditors and put some money back into society.
What’s likely to happen is that I may be lucky enough to find a low paying job that allows me to just scrape by and not pay off debt whilst left unable to raise the required £700 bankruptcy fee and not even being able to afford to enter a debt management plan.
- I will be living on toast and never having any quality of life.
- Do the people growing up now, trying to work for a living, need to make all the same mistakes I and many of my friends have?
- Why did the government not put time and money into teaching us to save and live within our means or even organise a compulsory saving scheme? Why wait until it is too late?
- If you never came into financial hardship your compulsory savings could be added to your pension so at least at some point throughout your life you may have been able to use it.
Unfortunately for me and many others, we have had to learn in the worst possible way through experience and yes I had some good holidays, some great nights out but now I can’t even afford to do or buy anything. If I do manage to get a job I will be scraping by and trying to save a bankruptcy fee. If a compulsory savings scheme existed, it would surely prevent us from needing governmental support, at least for the people that had already been working for a period of time before requiring access to it.
- Think of all the government money saved on all the unemployment funding!
THE ABOVE LETTER WAS SENT TO US HERE AT LEWIS ALEXANDER FINANCIAL MANAGEMENT BY A UK CONSUMER WHO HAD CONTACTED US FOR ADVICE. THE INDIVIDUAL ASKED IF WE WOULD PUBLISH THIS POST ON OUR DEBT MANAGEMENT BLOG FOR OTHERS TO READ AND WE AGREED TO DO SO.
- Call 0800 018 6868 for advice in confidence, lines open 24 hrs 7 days!
- Or take our 2 minute debt solution finder test now!
Are you struggling with money worries or debt problems?
- Do you and your partner argue about finances or bills in the home?
- Would your home or personal life benefit from an organised financial life?
It could be argued that deciding how to spend one’s income in the modern world is tough enough. A variety of technologies and gadgets, sporting pursuits, ‘keeping up with the Jones’ or good old fashioned hobbies, all increasingly compete for our disposable income / money. But when you add your other half in to the mix, decisions and divisions on how to spend the combined income can be a recipe for disaster!
- According to recent research, the male of the species are less concerned about saving money either for emergencies or just a rainy day and prefer to spend what is available, or risk greater returns with riskier investments.
Women on the other hand prefer to use spare cash as a security blanket to insulate any unforeseen circumstances. It is this trend that means women gravitate toward safer and more traditional savings plans and rather than risk their hard earned cash in a range of lavish purchases or riskier investments.
Then we add into this mixture the ‘ego’ factor of men traditionally adopting the role of breadwinner. Whilst less important since the turn of the century, many men still feel more comfortable in the role of ‘provider’ for the family. As a result, any monetary or debt problems are more likely to be hidden from their family by way of protecting them against harm.
This view is supported by a recent study conducted by ITV show ‘Loose Women’ which concluded that most household arguments about money and debt were caused by the husband or boyfriend’s perceived lack of caution. As men and women have very different views on money, these different needs, wants and views can cause disagreements, where the couples were previously happy.
Whilst different views can cause arguments, the real ignition of rows about money tend to stem from the failure to address and deal with financial problems. Kim Stephenson, an expert on the subject of debt-related depression, psychologist and creator of money website ‘Taming the Pound’, has conducted a considerable research proving that debt and money troubles act as a major trigger of depression.
- “Debt or money worries are the biggest reason for couples to consult [couples therapy]. Debt or money worries usually rank third or higher in any ranking of reasons for people seeking treatment for depression or anxiety,”
Kim Stephenson’s comments are also reflected in figures obtained by the BBC, which reveal prescriptions for anti-depressants have risen by more than 40 per cent over the last four years. Doctors and charities have also said they are being contacted more and more by people struggling with money worries and personal debt problems.
- “Given that millions of days are lost each year to illness, depression is a major illness and money worries are a major cause of general distress, which may contribute to depression.”
In summary, the worst thing to do about money problems or financial problems is to bury your head in the sand. Talking to your partner should be the starting point in sorting these issues and worries out and after that if you want to discuss your personal circumstances further why not get in touch with our personal debt specialists.
- Our free phone helpline is free to call from UK land lines.
- One call to 0800 018 6868 could be the best call you make to find a solution to clear debts!
