Where does all my money go?
This is something I hear quite a lot.
On paper there should be a surplus each month but somehow it just…disappears.
You may have your emergency savings tucked away, and aren’t worrying about how to pay for things in the future, but if you feel you should be keeping a better track or saving more then perhaps you need to look at budgeting.
It’s not scary, and it doesn’t mean giving up all the nice things, just means you have a better grasp of what you have.
Start with finding out where your money has been spent over the last 3 months. I’ve got budgeting sheets available and can send these on request.
Once you’ve done that list out your committed expenses – Housing costs, utilities, insurances, travel, childcare etc. Add in your savings amount to make sure it happens.
What you are left with is your disposable income and I’d recommend separating this out from your outgoings in some way.
You can keep things simple with having 3 accounts – Bills, Savings and Spending, or you can go more in depth with app based banking.
This will allow you to set up several separate pots to really keep track of things – you can put funds aside for anything you need to, like Christmas, holidays, annual car insurance etc.
If you use app based banking I’d love to hear which one you use and what separate pots you have created.
For more in depth information, please contact us or call Rachael on 01323 436680 and book a FREE initial consultation today.