Going Through All The Finance Documents

Support with planning a home budget

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January can be a tough month for your bank account as many of us recover from the expensive of the festive period.

Our Tenancy Sustainment Team are here to help, and have put together some useful tips to help you set up, and stick to a new budget. 


Write down your budget
 

Many people say they don't have time to work out how to make a budget, and when they do try to budget, they think about how they will go about it without writing it down. This is no use. It is pointless. Budgeting must be done with a spreadsheet or pen and paper. Moreover, you may find using a bullet journal and budget suits you. You can find a useful budget planner online at The Money Advice Service. Your budgeting sheet should be clear to use, and you should be able to refer back to its weekly. 

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Track Your Income and Expenditure

Keeping track of how you spend your money is a great habit, but it's not easy. Consider using a smartphone app to track your spending. Some banks and banking facilities have these services as part of their products. There are many budgeting and money-saving apps available. They enable you to track every transaction as you make it. You can record it in both the account and the category to stick to your budget and recognise your spending weaknesses. 

Expenditure is all the ways your money is spent. This includes rent, travel, bills, food, gas and car payments, child care, internet and TV and loans and credit cards you need to pay off. Additionally, write down your weekly, monthly and yearly expenditures in separate columns.

Also, keep track of your income. Consider all your income, including your partner's (if you have one). Income includes any benefits you may be receiving.

Once you have written down all your income and expenditures, calculate them both to ensure that the income is greater than your outgoings.

Plan for small but unexpected expenses

Everyone has unexpected expenses that crop up from time to time. Therefore, consider and account for these small expenses when drawing up a budget.

 

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By creating and sticking to a budget, you can add to savings

Sticking to your budget is often tricky, but once you have set yourself a monthly spending limit and start tracking your transactions, it will become much easier. The goal is that you will start spending less than you earn, and the surplus you should be able to put into savings.

Most of us can save. Saving money and being careful with your spending is a mindset. Regularly putting money away in a savings account can be part of your budget. Saving up for the future can be easier if you have something you are saving up for. Many people have something they wish they could buy. Having something in mind can incentivise you to put money away regularly

Look over your budget regularly

This is one of the essential aspects of budgeting. At the end of every month, sit down and see how well you are doing. You may need to adjust your budget according to your growing needs and income changes.

Additionally, there are some questions you can ask yourself when reviewing your budget:

  • Am I managing to pay my bills on time?
  • Do I have money left at the end of the month that I could put towards savings?
  • How can I save more?


Tackle your debts

Getting out of debt can be tough, but it's another key step in taking control of your finances. Begin with your highest-interest accounts while also paying the monthly minimums on accounts. By really focusing on getting out of debt, you can reduce the amount you pay in interest and put the money you'd otherwise put toward debt payments elsewhere.

Making a debt payment plan and then committing to stick to it all year long will make a big difference to your financial future. Being debt-free again will feel great. You will have more freedom to spend money on what you want and more peace of mind.

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We can help with a payment plan

If you are worried about missing a rent payment or if you're already in arrears, we can help. We have dedicated staff members who can assist you and help with things like budgeting and advice on welfare benefits.

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We're here to help

Our Tenancy Sustainment Team can help support you with advice about welfare benefits, budgeting, and how to maximise your income. If you'd find that useful, please get in touch with us.