12/1/2023 0 Comments Money helper budget planner![]() ![]() What’s most important is being honest with yourself about what you can realistically achieve with your money. It’s okay to compromise so that you can still have a few luxuries. This isn’t about cutting out all the things that bring you joy. ‘Wants’ are things that you enjoy but aren’t essential, such as meals out or TV streaming subscriptions.Īre there any areas where you could cut costs, cut back or cut out?Ĭut costs means finding a way to do something cheaper, such as switching to a different internet provider or trying different brands of a product in the supermarket.Ĭut back means doing something less, such as taking a packed lunch to work rather than buying lunch out.Ĭut out means getting rid of something altogether, such as cancelling memberships and subscriptions that you no longer use. ‘Needs’ are things you realistically can’t live without, such as food and paying your rent. Colour code anything that is a ‘want’ in one colour and anything that is a ‘need’ in another colour. Look back over the things you listed in your expenditure. if you spend £200 on Christmas, this would be about £16.75 per month). Divide the amount you spend by twelve to get a monthly amount (e.g. ![]() Christmas, for example, only comes round once a year but can be an expensive time, and so it’s important to factor it into your monthly budget. Leisure, including meals out, hobbies and subscriptions.įuture needs, such as birthdays, Christmas, holidays, home improvements, pension, investments and life insurance.ĭebt repayments, including personal loans and hire purchases.Īgain, remember to think about your expenditure across the whole year. Bank statements to show regular payments and how you spend your money List of accounts and debts from any other providers. Travel and vehicle expenses, including fuel, maintenance such as your annual MOT and repairs, road tax and insurance, and public transport costs.Ĭosts related to family and pets, such as vet bills, pet insurance, childcare, pocket money and school trips. Living costs, such as food, clothing and health care. Home costs, such as rent/mortgage payments, household bills such as gas, electricity and water, and building/contents insurance. Go through your bank statements and break down your spending into categories: Holidays & Birthdays including gifts to your familiy, friends and co-workers, as well as decorations, greeting cards, etc.Next, you need to figure out what you spend your money on. Student Loans Total minimum monthly payments Medical Debt Total minimum monthly payments Store Cards Total minimum monthly payments ![]() Find out about Money Helpers Budget Planner. Life Insurance if not already deducted from your paycheckĬredit Cards Total minimum monthly payments To help you manage your money by creating a new personal budget. Health Insurance & Co-pays anything not already deducted from your paycheck Property Tax if not included in mortgage paymentĬondo or Homeowner Association (HOA) Fees Home or Renters Insurance if not included in mortgage payment Now enter your expenses in the sections below. Other Monthly Income Examples include Social Security, child support, alimony, investments, pensions, etc. Your Net Monthly Pay Your net pay (or take-home pay) is the amount on your paychecks-your wages minus federal taxes, Social Security, Medicare, wage garnishments, health insurance, other benefits, etc. Start by entering your monthly income in the sections below. ![]()
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