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Managing your money

Getting your budget back on track

The way you look after your money is like any other skill needed to navigate daily life – you’ll have good days, bad days and plenty in between.  Make a mistake one day with your personal finances, or find yourself in a bit of difficulty, and you can usually bounce right back to sort it out by yourself. 

But sometimes an unexpected problem can throw a financial spanner in the works. Maybe the car fails its MOT and has a repair bill in the hundreds. Or you lose your phone and laptop (and don’t have insurance) and a sick pet triggers a huge vet’s bill.  Suddenly, you’re really feeling the squeeze.

With rises in the cost of living, just one surprise bill can send things sideways.  But don’t worry, we can give you practical help to get back in the black.  

Here’s Dev’s story: a 27-year-old graphic designer who found himself in a typically tricky situation – and how we helped him turn things around. 

Dev’s story: slipping into debt

Some months, money just doesn’t stretch as far as it should. That’s what happened to Dev – he found himself short of cash before payday, so he got an overdraft to make ends meet. 

He figured he could pay it back any time but his plan didn’t quite work out. He kept on spending only to end up living constantly in his overdraft, and being charged regular fees. 

Three months later, after a couple of big bills, Dev was using a credit card to cover these and his living costs. He also owed his mum a few hundred pounds, which he knew he couldn’t pay back for a while. 

Now stressed, and worried about the next few months, he knew he needed some extra support…

Dev’s story: getting back on track

Many in a situation similar to Dev’s often don’t realise how common it is. And while it isn’t always easy to put things right, it’s important to get started as soon as you can.

Here’s what Dev did. First, he needed a good overview of his finances. So he downloaded the Barclays app1 to see up-to-date balances across all of his accounts.

Next, it was time for a realistic new budget. Armed with a breakdown of his spending, he could see where to trim his outgoings and cut back on expenses.

Then he used the card controls in the app to set limits on how much he spent, to make it easier to stick to his target.

Finally, Dev’s girlfriend suggested talking to a Barclays Money Mentor, who helped him fine-tune his budget and gave him tips on creating a savings buffer for the future.

Our mentor also got Dev thinking about his long-term goals, with advice on saving for a house deposit. And once he’d got his debt under control, he was able to start putting money away.

Contact us for more help

Worried you’ll miss a payment?

Help is always at hand. As soon as you think you might be in financial difficulty, give us a call – it could help make things better.

Before you get in touch, please have some information about your income and spending to hand. And do prepare to set aside some time – you might be talking for a while, as we’ll want to understand your situation in detail to see how we can help.

Mortgages – 0333 202 7492 Monday to Thursday from 8am to 8pm, Friday from 8am to 7pm and Saturday from 9am to 4pm

Barclaycard – 0800 051 8346 Monday to Friday from 8am to 9pm, Saturday and Sunday from 9am to 9pm

Overdraft and Barclayloan – 0333 202 7412 Monday to Thursday from 8am to 8pm, Friday from 8am to 7pm and Saturday from 9am to 4pm

Self-employed or have a business? Get some support

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Missed a payment and want to catch up?

If you’ve missed a payment on your Barclayloan, overdraft or Barclaycard, you might be able to pay it using the Barclays app1 – or give us a call.

Overdrafts and Barclayloan – 0345 703 4034 Monday to Thursday from 8am to 8pm, Friday from 8am to 7pm and Saturday from 9am to 4pm

For a mortgage or Barclaycard, please call the relevant number in the section above.

Extra help and advice

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