Getting your budget back on target

If you’re spending quite almost the amount you’ve got coming in, you would most likely want to figure out where you can cut and make savings. This could be as easy as making your lunch for work, or cancelling a gym membership that you don’t use. You could also keep a spending diary and keep a note of everything you purchase during a month. Or, if you are doing most of your spending with a credit card, check out last month’s statement and make note of where your money goes. Life is unpredictable in so many ways, so attempt to review your budget and your spending if there’s a change, or a minimum of every few months. Make it a quarterly duty.

You might get a pay rise, which suggests you’ll save more, otherwise, you might find your household bills increase, so there can be gains and losses throughout the year, but so long as you track everything, you’ll be well placed. If you’ve already missed MasterCard or loan payments or if you’re behind with so-called ‘priority debts’ like your:

  • Rent
  • Mortgage
  • Court fines
  • Energy bills
  • Council Tax
  • Child support

Take advice from a free debt advice charity immediately.