#Best budget planner 2018 how to#

However, it’s very easy to make spontaneous and impulsive purchases with our cards, phones and watches as it doesn’t ‘feel’ like spending money!Ĭarrying cash is becoming less common, however, the advantage is you can only spend as much as you take with you.

Today’s technology makes all your spending trackable with a link to your bank account. This, in turn, will have an effect on the mortgage rate you are offered when it comes to buying a property. The less outstanding debt you have combined with keeping on top of essential payments and money saved, the better your credit rating will be. By taking control of your spending you can pay down debts and increase the possibility of saving for contingencies, university or a deposit on somewhere to live. Using the budget planner means being able to plan more effectively for the future. After these have been paid, you can immediately see how much, if any, is left over to provide you with a clear picture of other costs that can be reduced or cut out completely. You can prioritise your spending to cover your most important costs.Ĭreating a budget means you’ll know exactly how much you have to meet your essential spending needs.Working out a monthly budget is useful for two reasons: Why bother working out your weekly or monthly budget? Using one could highlight surprising areas where you are spending more than you thought as well as helping you to see how much you need to cover your essential costs to avoid going into debt. Using one means you can see exactly where your money is going as they are divided up into sections such as rent or mortgage, energy and utilities, food and clothing, leisure and eating out, etc. It is also a record of what leaves your account in the form of payments for goods and services.

What is a budget planner?Ī budget planner is a record of the money that comes in to your bank account in exchange for work you’ve done, property you’ve rented out or interest that’s been paid on investments, etc. Using a budget planner can help you to keep track and manage your money better. Taking control of your finances is crucial if you are seeking your first mortgage or you already have one and want to save by remortgaging.

As a result, when it comes to raising a deposit to buy a house or prove to a lender that finances are a priority, applications fall short resulting in delays to approval or outright rejection.

#Best budget planner 2018 how to#

Many know nothing about how to save, reduce costs or spend within their limits. The vast majority of us have grown up with very little knowledge of the subject and, if they were willing to discuss it with us, only our parents to act as a guide.Ĭonsequently, a large percentage of the population pay little or no attention to how their money is managed. Until recently, the subject of money and how to manage it has not been taught in schools. Improve your money management with a budget planner.