Budgeting
There are many ways to help avoid increasing your debt. Firstly, look at your income and expenditure. It is easy to say you know how much comes into your home and goes out, but have you really looked at it? If you write it down you may find that things are a lot clearer for you, and then you are on the first rung of the ladder to getting yourself out of the red and back into the black!
Let’s start with the basics. When you complete your budget, be honest with yourself, if you buy a lottery ticket, then list it, because chances are you will continue to buy one every week anyway.
You have now written down all of your income and expenditure, so can any savings be made?
Miscellaneous Spends - Do you need that Friday night treat, or your nails done weekly - Can you have a bi weekly or monthly treat instead?
| Gas | Would you benefit from a change of provider? |
Electricity | Would you benefit from a change of provider? |
Broadband | Would you benefit from a change of provider? |
Mobile Phones | Would you benefit from a change of provider? |
Sky/Cable | Can you reduce your package? |
Buildings/Contents/Life/Health Insurance | Would you benefit from a change of provider? |
Pet Insurance | Would you benefit from Pet Insurance? |
Lottery Tickets | Can you reduce the amount you spend? |
Smoking | Can you buy a cheaper brand or reduce the amount you smoke? |
Miscellaneous Spends | Do you need that once a week treat, or can it be bi-weekly or monthly? |
Home Items | Do you need that item now? Can you purchase it cheaper, try shopping around on the internet. |
Shoes | Do you need new shoes this month, or would your shoes benefit from re-soling and a good polish? |
Clothing | Do you know someone who can sew? Would a local tailor be cheaper, can you re-vamp your clothes? |
Car | Think ahead, look for cheaper Petrol Stations. Maintain your car at home, check the oil levels, tyres etc.. |
Pensions | Are you eligible for a pension break? |
Banking | Are you getting the most from your Bank? |
Travel | Think about petrol costs and parking, would taking the bus once a week be beneficial? |
The above lists just a few ideas that may make life a little more comfortable for you. Not all of the ideas will benefit you, but what have you got to lose by having a good hard look at your outgoings. It's hard to make changes in your life, but if you make the effort you may find that the change could be beneficial.