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How to take control of your money and stop your debts getting out of hand

Thu 30 Jul 2020

take control
Do you worry about money? If so, you’re not alone. A 2019 survey* revealed 51% of Police Officers worry about their finances every day. What’s more, 1 in 8 officers said they had sought financial support to cover their day to day expenses. Dealing with financial pressures can have all sorts of negative side effects. The constant worry can affect you physically and mentally, stopping you from sleeping and putting a strain on your relationships.


If the state of your finances is keeping you awake at night, here are some of the things you can do to take back control.


Plan a better budget

The first step to improving your finances is to get a better handle on your monthly spending. Our online Budget Calculator is really helpful for this. It’s designed to give you a clearer picture of how much money you’ve got coming in, and the amounts you’ve got going out each month. Once you can see what you’re spending compared to what you’re bringing in, it makes it much easier to establish a budget. You may realise you’re spending too much money in one area. Perhaps by making some cutbacks, you could afford to put more towards reducing your debts, or even saving for the future.  


You’ll find the Budget Calculator on our website at


Can you dip into your savings to pay off your debts?

If you have savings set aside, it’s worth considering whether this money could be put to better use by paying down your debts. The interest rate you’re paying on your debts – particularly those on credit cards and store cards – may be much higher than what you’re earning on your savings. If that’s the case, think about using what you’ve saved to reduce what you owe.


Could a debt consolidation loan be helpful?

A debt consolidation loan could be a way of dealing with your debts, particularly if you owe money to a number of lenders. Put simply, you take out a single loan to pay off all your existing debts, which means you then owe money to a single lender. This can be easier to manage as it means you only have one payment to make each month, rather than several.


You may find you can get more convenient payment terms, too. If you’ve borrowed money from several lenders, you may find it a challenge to meet the monthly payments for each one. With a debt consolidation loan, you could pay less each month than you did before.


If you refinance any existing debts, you may pay a higher rate of interest or make repayments over a longer term. This means you may pay more interest overall.


Personal loans for the Police family

We want to help every member of the Police family lead a financially healthier and happier life. With our new partner and personal loan provider, Salary Finance, anyone in the Police family – serving or retired officers, staff and their families – could get a loan, to consolidate existing debts, or put towards something you want.


With Salary Finance you could:

  • Borrow between £1,000-£25,000
  • Repay over 1-5 years with a fixed monthly direct debit
  • Apply quickly and easily online


To find out more about personal loans through Salary Finance, visit our website, where you can also apply online.


If things are getting out of hand, get free, confidential help

If you feel like your debts are spiralling out of control and you don’t know what to do, consider speaking to a debt adviser. We’ve teamed up with PayPlan*, one of the UK’s leading free debt advice providers, who offer free and confidential advice to anyone in serious financial difficulties.


They can give advice about better ways of managing your money, and ways of dealing with your debts that you might not know about. They’re not there to judge you or make you feel bad about your situation. They’re simply there to help you find a solution that’s right for you and your circumstances.


You can find out more about the free and confidential debt help available to members of the Police service and their families online at Or, you can talk to a debt adviser right away by calling free on 0800 197 8433.


*Police Federation Pay & Morale 2019.


Salary Finance is a trading style of Salary Finance Limited.

PMGI Limited, trading as Police Mutual, is acting as credit broker for Salary Finance Limited. Salary Finance Limited acts as credit broker exclusively for associated company Salary Finance Loans Limited, which is acting as lender for the purposes of entering into a consumer credit agreement.

Applications will be assessed to ensure the loan is appropriate and affordable for you.

PMGI Limited is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 1073408. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS. Financial Services Register No. 114942.


Salary Finance Limited and Salary Finance Loans Limited are authorised and regulated by the Financial Conduct Authority (firm reference numbers: 758053 and 734585) and are registered in England & Wales (company numbers: 09677777 and 07643748) at One Hammersmith Broadway, London W6 9DL.

Type of article: Articles
Category: Saving my money

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