Keeping track of your money
To help manage and keep track of your finances there are several things you can do, including:
- calculating expenses
- setting financial goals
- setting spending limits
Keeping track of your money
Calculate your expenses
You should calculate and set aside money for all essential expenses. For example, utility bills, food shopping, rent and mortgage payments.
Money Plus Advice has a disposable income calculator to work out how much money you have left after paying your essential expenses.
Calculate your expenses
Set financial goals
Working towards financial goals can be a good way to:
- help you keep track of spending
- plan for what you want your life to look like
The Citizens Advice budget planner can help you work out how much money to set aside every month to reach your goals.
Set spending limits
You might find it helpful to set a spending limit to remind you not to spend more than you can afford. This could be a weekly or monthly spending limit and should be realistic.
Some people prefer to set a limit and keep track of it themselves. But there are tools that you can use to guide you, including:
- our spend calculator
- savings pots
- budgeting apps and planners
- income and expenses trackers
Gambling spend calculator
Our spend calculator can help give you a better understanding of the money you or someone you know spends on gambling.
Gambling spend calculator
Savings pots
Many UK banks offer savings pots. Savings pots are funds which you put money into regularly, for example every month. You can then use the money in the pot to pay for a specific expense.
Savings pots help to make sure your key expenses are covered, and your money goes where you need it to.
MoneyHelper has a guide on managing your money by separating it out into savings pots.
Savings pots
Budgeting apps and planners
Budgeting apps and planners can help give you an overview of your spending. You can sync the apps with your bank accounts to keep track of your income and expenses.
Find out more about:
If you exceed a spending limit
There might be times where you or someone you know struggles to stick to spending limits. It's important not to be discouraged if this happens. There are several tools you can use to help get spending back under control.
If you exceed a spending limit
Set up a bank block
Many UK banks allow you to block your bank account or card from being used for gambling transactions. If you have this activated and try to gamble, your transaction should be declined.
If you want to set up a bank block, you should contact your bank. They will be able to tell you if bank blocks are available and will support you through the steps to setting it up.
Block gambling and self-exclusion
Gambling blocking software limits your access to gambling websites. The software can be downloaded onto your phone, computer or tablet.
If you think you or someone you know spends too much money gambling, you can also ask gambling companies to stop you from gambling with them. This is called self-exclusion.
Help for if your finances are affected by gambling
If you’re having financial difficulties because of your own, or someone else’s gambling, know that there’s help available for you. There are many charities and organisations that support people with their finances.
You can ask them about how to protect yourself and your family from gambling-related debt. You can also ask them for advice if your partner has gambling debt.
Help with gambling debt
Money struggles can feel overwhelming, but you’re not alone.
If you’re having trouble paying your essential expenses, or if you have debts you cannot repay because of your own, or someone else’s gambling, you can:
Find out your debt
If you’d like to get a full report of how much gambling debt you have taken out, or how much has been taken out in your name, you can request a full credit score and detailed report.
Find out your credit score with Checkmyfile
Check what to do if someone has borrowed money in your name
If you or someone else owes money to loan sharks you should contact the police as soon as possible. These are illegal lenders.
Talking to your bank or an advisor
If you're having financial difficulties, speaking to your bank might help. Your bank will not refund you for money you've lost gambling.
You can also speak to an organisation or charity that supports people with finances. For example:
- Money Helper
- Citizens Advice
- a credit union, depending on your circumstances
If you’re not sure how to start a conversation about gambling:
Talking to your bank or an advisor
