This Easter as well as having a long weekend and indulging in Easter eggs you could get your finances in check. With the added time off work it is the perfect time to start managing your personal finances.
Track Your Monthly Expenses
If you’re keen to be able to manage your personal finances this Easter you will need to keep track of all of your monthly expenses. The first step into successfully doing just this is to set aside some time and Easter is the perfect opportunity for this. The best way to do this is to create a spreadsheet, start by adding up your available monthly income. Then remember to include any debt, bills and necessities you have to pay for in a month. Once all the important essentials are accounted for track what you spend your money on and how much.
Bills, Bills, Bills
The best way to manage your bills is to calculate how many you have and how much each bill costs. Hunt around for the best deals when it comes all of your bills this could include, mobile phones, internet provider and even heating this can be made easy as there are lots of websites dedicated to comparing costs. That way you could end up paying less each month, just ensure that you set yourself reminders to avoid costly late fees. If you are confident enough in your bank balance set up standing orders to ensure your bills come out on time each month.
If you have accumulated a lot of debt managing your finances this Easter will enable you to stay on track to pay that debt off. If one month your money is being stretched too far there is always the prospect of thinking about instalment loans that way you will be able to manage your money a little bit easier until payday arrives.
When you’re paying off debt it is best to face the debt head on and calculate how much debt you actually owe this will include all credit cards, possible student loans and overdrafts. Once you have done that you can work out the minimum payments you have to make each month to pay that debt off. The best way to track this is using spreadsheets, ensure that you check each month how much debt you have left to pay. Seeing the amount of debt go down each month will spur you to carry on.
To get the most out of your monthly income see what expenses you spend your money on and how much of it. Once you know the full extent of how much you could be potentially wasting try and curb that spending to just essentials. If you begin to make small cut backs like not getting that weekend takeaway, or the morning coffee on the way to work all those little costs start to add up. If you take lunch to work with you and do some bulk cooking which you can freeze you could be saving a lot of money.
Aim To Save
Once you have paid all debts and become aware of your spending habits it is important to start saving. Most people find it hard to get motivated about saving but setting a goal of how much you want to have saved by a certain time will make it a lot easier. Having savings can be a relief if any emergency expenses crop up. It is always better to be prepared and have some money to fall back on. The best way to save is to have a separate ISA to your current account so you can put money away each month and not be tempted to dip into it. If you manage personal finances this Easter when next Easter rolls around you can celebrate by potentially going away.