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Accountant Margaret Fasanya: ‘So many temptations to spend’ |
Refuge as financial storm clouds loom
Borough-wide roll-out for service offering expert tips on surviving economic downturn
WITH grey financial clouds on the horizon, a Finsbury pilot scheme to help people cope with money worries is going borough-wide.
The project, Black and Ethnic Minorities Financial Services, was launched two years ago by Nigerian accountant Margaret Fasanya to meet a need for free financial advice.
Experts hold Saturday surgeries where an independent financial adviser offers advice on personal finances. Debt counsellors help those already in trouble and the service runs free monthly financial literacy workshops.
With the economy in the doldrums and prices going up, Ms Fasanya expects a big take-up for the extended service.
“We would never turn anyone away, whatever their race or background,” she said. “But in this area it is the Afro-Caribbean, Indian, Bangladeshi and Greek and Turkish communities who particularly need help.
“It could be a language problem or an inability to understand what the bank is telling them. Or it could be that someone has got into horrendous debt and can’t see a way out.”
The service is based at Toffee Park Youth Centre, in Ironmonger Row, Finsbury, but will be holding sessions at Central Library, in Highbury, St Luke’s Centre, in Finsbury, and Mayville Community Centre, in Newington Green.
It has helped people deal with bank overdraft charges.
“In some cases we discover people are being charged more than they should and we can obtain a refund,” said Ms Fasanya.
“We also help people understand their council tax and make sure they are paying the right amount.”
She fears that in the current economic downturn many people could face losing their homes when they get into arrears. They should seek help before it’s too late.
Ms Fasanya, who works for Newham Council and formerly lived in Finsbury, tries to follow her own advice.
“My children realise we are not rich so they don’t demand designer clothes,” she said. “I always buy from the cheapest supermarket, where you buy one and get one free, and my mobile is pay-as-you-go.
“I do use a credit card but that’s only if there’s a sudden big expenditure – like a broken washing machine needing replacing – and I always try to pay it off within the month.
“These days there are so many temptations to spend but you have to be strong and resist them.
“For example, I’d love to go out for meals with the children but it’s so expensive. We wait until we have something to celebrate, a particular achievement by the children, for instance, and then we go out and eat.”
Saving is important, she believes. “Even those with very little money can always afford to put something away,” she said. “And that little something put away soon mounts up.”
Workshops and financial literacy classes are being held every Saturday morning from April 12 at Mayville Community Centre at Newington Green and on Saturdays from April to the end of June at Central Library, in Holloway Road, close to Highbury Corner.
For more information, contact Ms Fasanya on 020 7251 0000 or go to www.casweb.org/bemfinancialservices |
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