Here are a few things to consider when your are taking your first steps into controlling your finances and getting them back on track! Hopefully this will help you to see what cash comes out and what cash comes in so its easier for you to make sure you’ve covered for everything you need to pay. As most bills tend to be paid at the end of the month it would be wise to make your figures in your calender monthly.
Firstly jot down everything you receive monthly, including your wages, benefits, pension etc. If some of your income is paid weekly add it all up to the full amount you would receive monthly. To work this out you can multiply your weekly number to 52 and then divide it by 12 and this will give you your calender monthly budget.
Make a note of all your bills you have going out every month for example your mortgage, rent, utility bill’s. If you are not sure to what you are spending your money on, try writing it all down. Also keep aside payments for things you don’t pay for very often for example things you only need to pay for once a year, this could be car repairs or birthdays.
Now you have written everything down you can see a clearer picture of where and how you are spending your money. Whatever you have left over at the end of the month divide it into 4 and try to stay within that weekly budget. If your spending more money than you are taking in than you have a budget deficit. If you are in this situation then I would suggest going through your list and seeing what you can cut back on, for example your utility bills, are you on the cheapest provider in your area?
Today you can find all the competitive rates with just a click of a button and would more than likely get a cheaper package on line. Another good way of cutting back costs would be bring in your lunch or snacks in to work instead of buying already made meals, yes it is only a few pounds but you would be surprised at how much it amounts to at the end of each month.