This feature is brought to you by Save my Bacon – A brighter way to borrow

 

Having a budget that looks at your entire year makes life much easier. It doesn’t take long to do and you will feel much happier once it is done.

Firstly, plan for big expenses, they are the same each year so shouldn’t be a surprise:

Here’s the things to include in your budget. There are lots of good on-line budget tools to use.

 

Christmas

    • Presents
    • Christmas dinner
    • Holiday expenses

Birthdays

    • Presents
    • Party

Back to School

    • Uniforms
    • Shoes
    • School supplies
    • School fees
    • Transport

Car

    • Petrol
    • Servicing
    • Money for repairs

Household

    • Power
    • Phone
    • Internet
    • Mobiles
    • Groceries
    • Rent or mortgage

Insurances

    • Contents
    • Home
    • Car
    • Life
    • Medical

Loans

  • Credit cards
  • Hire purchase
  • Personal loans

 

Some budget tips:

Christmas

  • Put money aside
  • Buy presents when they are on special, things get expensive closer to the day
  • Buy Christmas dinner food when it’s on special, also gets expensive at Christmas
  • Consider whether adults really need gifts, or think about a mystery Santa for adults

Birthdays

  • Put money aside
  • Buy presents if you see them on special ahead of the big day

Back to School

  • Put money aside
  • Buy second-hand uniforms (school shop, families and friends or on-line)
  • Sell old uniforms items or even better swap
  • Shop around for school supplies. Some stores offer cut prices, that are considerably cheaper than the school stationery list provider.
  • School donations are voluntary. If you can’t afford them then talk to your school and agree a reduced donation. Legally you are not required to pay it at all.

Car

  • Service your car regularly, it saves on break downs and repairs and can reduce petrol costs

Household

  • Shop the specials at the supermarket (don’t worry about your favourite brands)
  • Plan your meals
  • Shop at cheaper supermarkets, there can be a considerable difference
  • Shop around for cheaper power providers
  • Check you have the best internet or mobile plans

Insurances

  • Make sure you have the best plan. Often by taking all your insurance plans to one provider you can get a cheaper deal

premiums

  • Look at the loans you are paying the highest interest on and see if you can pay extra to bring the balance down quicker
  • See if you can consolidate your loans at a cheaper rate
  • Try to pay you credit card balance each month

 

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