With cost of basic needs like food, fuel and electricity rising, it can make it really hard to try and manage your existing finances.
If we aren’t adjusting and reviewing these things every 3-6 months, we can quite easily start paying out more than we are getting in.
That’s why creating a budget can be a great way to get a clear view of where you are right now with your finances. It can also help set you up to reach your future goals.
Let’s have a quick look –
– What is your income received and what frequency? Weekly, fortnightly eg.
– What are your outgoings and what frequency? E.g rent, loan repayments, school fee, general bills.
– What is the difference between these two amounts. Do you have extra funds available or are you paying out more than you are receiving?
– From here you can see what items may need to be reviewed and adjusted.
Maybe you have some subscriptions you can cancel or review?
Can you get your existing lending facilities reviewed to see if you can get repayments reduced?
Want some extra help? Check out our free Budget Planner