I spoke to someone recently who was managing finances on a low income, but she wanted to start saving for things like school uniforms and Christmas. Every year she would run up a debt on a credit card and then would pay it off by June the following year.

I encouraged her to open a Credit Union Account to start saving small amounts each month. I told her that the account is held separately from a bank account and that the savings are readily accessible and are able to be paid into her account the next working day as and when she needed them.

I informed her that any Child Benefit she received could be paid straight into the account which she started doing. To her surprise, the amount quickly built up.

She adjusted her budget slightly to ensure she could still afford necessities which she advised she felt was easier than she had thought. She said it gave her more peace of mind that she was taking control of her finances and looking to the future for what she needed for her children without getting into debt.

Not knowing about what Credit Unions were previously, she was unaware of their untapped benefits and potential. She was so glad I had told her about them. She is now recommending them to all her family and friends!

To find out more about Credit Unions and to find one near you visit: www.findyourcreditunion.co.uk.