Organise your finances

Posted on Apr 01, 2024

Taking time to organise your finances can really pay off.

Budgeting might seem like a fine art, but mastering your budget doesn’t need to be about crunching numbers and spreadsheets. Creating a budget allows you to understand where you’re spending your money and where you could save! By budgeting you can determine how much you spend on your bills such as your mortgage, rent and utility bills, and how much you have left over to take a step closer to your dream vacation or new car!

Income

To begin budgeting, tally up all the income you receive – wages, benefits, tax credits and pensions. Remember if you’re paid or receive your tax credits monthly your budget will be worked out monthly too.

Expenditure

Next up, grab your recent bank statements and by going top to bottom, you’ll be able to work out how much you spend. The weekly food shop, petrol, travel costs and childcare are costs which can build-up without us noticing so adding up you spend can help to see where your money is going.

Remember to include those expenses which don’t happen every month too, like birthdays, Christmas, holidays, and car repairs. It is often these events which stretch our purse strings so make sure you aren’t left short!

Your income – your expenditure (what you spend) = your disposable income. This is the amount of money you have left over at the end of the month to spend on hobbies, holidays or savings.

Check out Money Helpers free Budget Planner to know exactly where your money is being spent, and how much you’ve got coming in.

More than 11 million people struggled to pay their bills last year which led to increased feelings of depression and anxiety. Worries about money impact your mental health. Your mental health impacts how you manage your money. It is a vicious cycle. Saving small amounts each payday can help take the pressure off special events throughout the year. Try our Savings Calculator to see how much you could save.

Swap & Save Loan

If you’re financially stretched, you may need to look into ways you can reduce your expenditure.

If you’ve got multiple repayments for overdrafts, credit cards, loan or car finance, Money Saving Expert says it “seems logical to consolidate them to one place”.

Our Swap & Save Loan is saving members thousands by consolidating credit cards, store cards, overdrafts, and any personal loans into one regular payment, making budgeting simpler!

Are you ready to take control of your finances and reduce your monthly expenses? Learn more about our Swap & Save Loan here.

Remember, budgeting doesn’t need to be stressful. Picture this: with a budget in place, you’ll have a clear picture of where your money goes each month – whether it’s toward necessities like rent and utilities or those exciting goals like a dream vacation or a new car. It’s the key to taking control of your finances.