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. It’s a lot more sensible to approach a new financial commitment knowing you can comfortably afford it rather than just hoping you can make the 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 you have.
Difference:
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.
That’s where we can help you. Avanti Finance Ltd specialises in just this sort of thing. We will work through your income and expenses with you and together decide on the best way to settle some of your debts, perhaps by consolidating them into one loan with us with manageable and affordable payments.
Phone our lending department today on Auckland (09) 571 0720 or 0800 800 107 and speak to one of our friendly 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 consolidating, click here.