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Finance A Fresh Financial Start


in 2018 – Begin the New


Year with a Budget By Ann Haldon


If you’ve overspent this Christmas, you might be wondering how to get your finances back under control. It’s easy to get carried away by the spirit of giving – the problem is, it can jeopardise your financial wellbeing into the New Year and beyond. So what can you do to get yourself back onto a firm financial footing?


One of the first things is to analyse your finances and make a realistic budget. By taking a long-term view and identifying exactly how much you spend during the course of a year, you can take back control of your dwindling finances, and prevent spiralling into long-term debt.


Why budget? A budget helps to establish whether you’re living beyond your means. This isn’t always obvious on a day-to-day basis but if you’re constantly spending more than you earn, at some point you might find yourself unable to keep a roof over your head.


But there’s a secret to making a budget that’s fit for purpose, and that’s to incorporate every expense that you make during the course of the year, including Christmas, birthdays, summer holidays and more.


Birthdays and Christmas Friends’ and family birthdays


10


may only cost a few pounds here and there, but over the course of a year, and in addition to Christmas expenses, constitute a significant chunk of annual expenditure.


It’s going to take some time to calculate your total spend for the year, but once it’s done you’ll be able to use it confidently to improve your long-term financial situation, and set yourself up for a lifetime of control.


Non-regular expenses, plus how much is coming in Motoring costs such as car insurance, tax, new tyres and the annual service are easily forgotten. Annual membership subscriptions are also often left out, as is one of the biggest expenses of the year - the summer holiday.


When thinking about the money that comes in, don’t forget to include wages, benefit and pension payments, and any income from savings, investments or self- employment. Once you’ve totalled the figures, deduct your expenses and hopefully you’ll be left with a positive number.


Not a static document Your budget isn’t meant to be a static document. It needs to reflect your income and spending in the long-term, and this is likely to change often.


So make it part of your routine to update it regularly, and make sure new expenses and sources of income are carefully recorded.


Having a clear idea of where your money goes will also help to meet specific financial goals such as saving for retirement, putting money away for a deposit, or simply avoiding debt. Achieving financial clarity in this way helps you to live the life you want, so don’t view it as a restriction on spending – it’s more like the road to freedom.


So you’ve got all your figures – what now? There’s a great way to divide up your money called ‘piggybanking.’ It’s described in detail on the Money Saving Expert website, and essentially means opening a separate bank account for each of your main categories of spending.


This allows you to allocate an amount of money to each one via standing order from the main account.


The word ‘budget’ often implies having to go without, but knowing your spending patterns and gaining financial control can give you back your freedom – the freedom to enjoy life without the worry of debt.


http://www.moneysavingexpert. com/banking/Budget-planning


To advertise, please contact 01202 657317 or email karen@broadstonelink.co.uk


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