Budget Advice

Some tips on budgeting

To keep yourself on track financially it is very important to have a plan for managing your income and expenses. You need to know where your money is going and give priority to the important things.

It is often a good idea to work through your budget every few months or so, particularly if you are considering a new purchase, personal loan or car loan. It’s a lot more sensible to approach a new finance commitment knowing you can comfortably afford it rather than just hoping you can make the loan payments.

It’s quite simple really – all you need to do is make a list of all your commitments and total all the figures. Check that you have averaged all your figures for the same period, say over a week or a month. Here is a simple table to help you do the sums:

Income
Your income (after tax):
Your partner’s income:
Other income (e.g. boarders, rental, benefits):
Total income:

Expenses
Mortgage or rent :
Rates, power, phone, house insurance:
Loan repayments and hire purchases:
Car expenses (e.g. petrol, repairs, insurance etc):
Food and other living expenses:
Other:
Total expenses:

Subtract your total expenses from your total income to see how much surplus or shortfall.

If you find you have little left over, or seem to be spending more than you are currently earning, it would be advisable to consider clearing some of your expenses or commitments.

There are many budgeting agencies that can idependently assess your budget and offer advice. These include Mangere Budgeting Services and Family Budgeting.

Avanti Finance Limted specialises in just this sort of thing and a Debt Consolidation Loan can help get your finances back under control. We have a simple and quick debt consolidation calculator that will help you see the benefits from doing this.

Together with you, we will work through your income and expenses and decide on the best way to settle some of your debts into an easy affordable payment.

So, simply apply online today and financial freedom is just around the corner.

Phone our lending department today on Auckland (09) 571 9591 or 0800 808 061 and speak to our friendly loans team about getting your finances back on track.

If you have a number of personal loans and would like to see if you can save money each month by debt consolidating, click here.