In this post I thought I would share how I personally manage my outgoings. I hope some of you find it interesting or helpful if you are trying to organise your own financial situation.
Know your Outgoings
Firstly, set yourself up a spreadsheet to keep a record of every bill which you need to pay on a monthly basis. Ensure you include Mortgage/rent, council tax, water bill, gas and electric, pension, broadband, line rental, TV subscription (e.g Sky, Netflix), average food shop cost* etc.
*Work out your average food shop cost by keeping ALL food receipts for a month and adding them up and dividing by 4.
Budget for Yearly Home Bills
Write down a rough idea of your yearly bills things like home insurance, TV license (if you pay yearly). Ensure you put some money aside each month which will cover these amounts so when the bill lands on your door mat it okay, you have it covered - phew!
Car Maintenance Fund
If you have a car to run then set aside some money each month into a savings account with instant access. In order to know how much to save I added up the cost of a MOT, service, insurance, breakdown cover (if required) and some extra for unexpected things like new tyres, brake pads etc. Then all you need to do is divide it by 12 and you know how much you need to save per month to ensure these things are covered.
Joint Account
If you have a partner living with you and you share the bills you may wish to have a joint account where they all go out of. On pay day you can each transfer the money to cover your share of the bills and then you know the money left in your personal account is yours to do what you want with. This can save arguments which occur when ALL your salary is paid into the same account and 2 appears to be spending more than the other.
Save
There is always something to save for be it a wedding, a holiday, a new car, home improvements, a rainy day or even retirement. Ensure that you have a separate saving account for your personal savings. Be prepared to keep an eye on the interest rate you are getting and move your savings to a higher interest account if necessary.
After the initial set up you will find that your finances kinda run them selves day to day without you having to worry too much.
I would love to hear how you manage your money please comment below with links to any similar posts.
I would love to hear how you manage your money please comment below with links to any similar posts.
Did you find any of these tips useful?
Please leave any money managing tips that you have in the comments below.
Kads x
Please leave any money managing tips that you have in the comments below.
Kads x
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