![]() Shopping around for financial products ,current accounts, savings accounts, credit cards, loans, home and life insurance to help you compare the costs and benefits of these products.Read Next: 21 Ways To Be A Money-Savvy Mum 6. If you don't keep to your budget, don't be discouraged.Don’t include money from your savings as income – use regular income only.Be honest about the figures in your budget – don’t overestimate or underestimate your income or spending.Consider all household income, spending and other commitments.Read Next: How To Set Your Child Up For An Amazing Life 5. Long Term (Pension or pay off a mortgage early).Medium Term (children’s education /home renovation).Once your goal is identified, you need to work out how much it will cost and how you will achieve it. When you have a goal, you will find it easier to stick to a budget. Whether it is saving for your children’s education, paying off credit card debt or starting an emergency fund. Read Next: How To Feed Your Family On A Tight Budget 4. If you are spending more than your income, you need to think about how and where you can cut back. Miscellaneous Expenses - such as medical costs, insurance, holidays, birthdays or TV licence.Īny monies left over after reviewing your financial situation can be used effectively in paying off high interest loans early or opening a savings account to help you reach your goals. To get a full picture of your finances, record the amount of money you have in all savings accounts as part of your financial health check. List all savings/ deposits you make regularly. Savings - You may have regular savings in a deposit account or credit union. Loans & debts - As well as listing your monthly/weekly repayments, it is important to write down how much you still owe on your mortgage or loans and the time it will take to repay them in full. (Your bank statements and regular bills will give you a good idea of how much you are spending). Ongoing expenses - include rent, gas, electricity, TV, phone /broadband. Monitoring these over a week or month you will be amazed at how much you spend. Keep receipts for each item you buy and enter the cost of the item in your weekly diary. Tracking your outgoings can help you to categorise them as follows:Įveryday expenses include coffees, lunches, taxis, cinema, pubs, phone credit etc. Read Next: 4 Tips For Planning Your Family Finances 3. If you have extra earnings that you would classify as income, such as interest on savings or investment income, include them too.If you are getting social welfare benefits such as unemployment benefit and children’s allowance make sure to include these.Your payslip will show you what you earn from your employment.To get a clear picture of your finances, you need to know and list all income. You should do a financial health check at least once a year, particularly if your income changes or you are entering a new life stage. A financial health check will give you a clear picture of your family finances and will help you identify where changes need to be made.
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