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Planning a budget calendar for your personal finances
05 Feb 2016 at 17:24hrs | Views
The first few months of any year are always the most important when it comes to ironing out your finances. For some countries around the world their fiscal years are drawing to a close; for others, we're just getting into the swing of 2016. Either way, the way we plan out our finances during this time of the year will have a knock on effect for how the rest of the year plays out. If you're looking to plan a budget calendar for your personal finances here are some pointers to help you get started.
Track your spending over the course of a month
The first thing you need to do is track your spending over the course of a month. Try to ensure that you keep to your normal spending habits, instead of trying to make your spending look slightly better than usual. This will help you get the most representative figures for how you spend your money. Make sure that you write down everything you spend money on, whether it's food, bills or anything in-between.
Make a list of extra incomes and expenses over the course of the year
Of course, your spending in a single month won't be truly representative of your month-on-month spending. There are other expenses that you need to plan for, such as birthdays, anniversaries, school trips for your children and the occasional problem like your TV or refrigerator breaking. Planning in advance for these expenses means that you will take less of a hit when they come round.
Write up your monthly and annual budgets
Take all of the information that you have gathered so far and write it all up in a set of monthly budgets. Start with how much money you make each month and then start adding in your expenses one by one until you see how much money you will be left with each month. If you feel that you won't have enough money at the end of the month, you will need to look for ways to either cut down on your spending or to boost your income.
Find alternate sources of income
There are several ways you shake up your budget, including cutting down on frivolous spending or cutting down in areas where you are spending more money than you realised. Of course, this is often easier said than done. If you can't cut down on your expenses you may have to find an extra source of income. If you have a hobby you can market, consider ways in which you can do so. If for example, you're an expert at arts and crafts, consider selling your creations online – this could help you boost your income by doing something that you would normally do for free.
Consider debt consolidation
If all else fails and your debts are making too much of an impact on your budget calendar this year, consider a debt consolidation loan. These loans are a popular solution around the world, with various loans in America, IVA's in England and Scottish Trust Deeds in Scotland. These debt consolidation loans are designed to help you collect all of your unsecured debts under a single loan, helping you pay off your debts quicker and easier than if you were to simply try to pay them all off back without any help. There is often plenty of free expert financial advice to be found too, helping you find the best loan products for your unique financial situation.
Track your spending over the course of a month
The first thing you need to do is track your spending over the course of a month. Try to ensure that you keep to your normal spending habits, instead of trying to make your spending look slightly better than usual. This will help you get the most representative figures for how you spend your money. Make sure that you write down everything you spend money on, whether it's food, bills or anything in-between.
Make a list of extra incomes and expenses over the course of the year
Of course, your spending in a single month won't be truly representative of your month-on-month spending. There are other expenses that you need to plan for, such as birthdays, anniversaries, school trips for your children and the occasional problem like your TV or refrigerator breaking. Planning in advance for these expenses means that you will take less of a hit when they come round.
Take all of the information that you have gathered so far and write it all up in a set of monthly budgets. Start with how much money you make each month and then start adding in your expenses one by one until you see how much money you will be left with each month. If you feel that you won't have enough money at the end of the month, you will need to look for ways to either cut down on your spending or to boost your income.
Find alternate sources of income
There are several ways you shake up your budget, including cutting down on frivolous spending or cutting down in areas where you are spending more money than you realised. Of course, this is often easier said than done. If you can't cut down on your expenses you may have to find an extra source of income. If you have a hobby you can market, consider ways in which you can do so. If for example, you're an expert at arts and crafts, consider selling your creations online – this could help you boost your income by doing something that you would normally do for free.
Consider debt consolidation
If all else fails and your debts are making too much of an impact on your budget calendar this year, consider a debt consolidation loan. These loans are a popular solution around the world, with various loans in America, IVA's in England and Scottish Trust Deeds in Scotland. These debt consolidation loans are designed to help you collect all of your unsecured debts under a single loan, helping you pay off your debts quicker and easier than if you were to simply try to pay them all off back without any help. There is often plenty of free expert financial advice to be found too, helping you find the best loan products for your unique financial situation.
Source - Byo24News
