Why bother to budget
All this talk about planning your finances and setting up a household budget, but what’s it all about. Why bother to budget? It might seem like a lot of hard work. Why anyone would want to sit for hours looking at numbers trying to figure it all out. There is a certain amount of work when starting off your household budget but this is made a lot easier when you use BillsManager.com.
Dealing with your bills can be a real pain in the head if you are not organised but you can reduce the stress and hassle by setting up a household budget using BillsManager.com. The most stressful part of paying bills is not knowing if you have the money to pay for them. (more…)
What is a household budget?
A household budget is a financial plan to keep your home running smoothly. It is an important tool help you plan how your money will be spent. Looking back over past household budgets, ie. your set of accounts for your home, can be very helpful in planning future budgets. The household budget can highlight areas of waste or perhaps show you areas that improvements can be made to enable saving money for some other goal. (more…)
First Holy Communion – enjoy a great family day on a budget.
Your child’s First Holy Communion should be a happy day for the whole family. Not one that brings fear and dread. Big celebrations does not necessarily mean spending lots of money. I read an article in the Irish Independent some time ago that Church leaders will be introducing new measures to prevent the unnecessary expenditure.
During these days of government austerity measures and cut backs, isn’t it about time that we learned to do the same. It can cost an average of €1000 per family which is spent on dresses, suits, shoes, parasols, tiaras and catering for the party afterwards, all of which are deemed essential for the perfect day. Have all trimmings but on a tighter budget. Plan for the expense in advance by including it in your household budget ahead of time. (more…)
Saving money for a rainy day
Have you set aside money for a rainy day? In many Irish households, there is very little chance of setting aside a regular amount of money into a savings account. In fact, we all seem to be living from pay packet to pay packet. In this current economic climate, for many, the days of saving for a rainy day are over.
You may be able to change that, if you look at your current spending habits and see where there are any areas that you can make savings. Plan your spending in advance so that you are only making necessary purchases and not frivolously throwing your money away.
There are a number of areas that you might not be aware of how much money you could make savings. Although they will seem very obvious, take this opportunity to sit and write out what you spend your money on and see if there are any areas you could cut down on. Keep track of your income and expenditure using the free online tool at BillsManager.com. This will help you to budget all your household costs.
Bring your lunch into college or work. Treat yourself once a fortnight; you will be amazed at how much money you will save. Stop buying takeaway tea or coffee, buy a good travel mug and make your own tea or coffee to bring with you.
When embarking on the weekly shopping trip, always make a shopping list and stick to it. Think about switching some of the branded products to store’s own brand. Stop buying books. Join your local library where you will have access to every book you could possibly want. In fact you can also borrow CDs and DVDs and as […]
Moving in together? Who will pay the bills?
Moving in together? Who will pay the bills?
It would appear that in most Irish homes it is the “woman” of the house that looks after paying of the bills and managing the household purse. Every household differs, but each family devises their own plan to manage their household. Each member takes care of the various areas of maintaining the house according to their ability and strength.
If you are only starting out and plan to set up home together there are a couple of areas to run through before you do. Make sure you discuss who will be responsible for what in your new home. Up to now you have only had to be responsible for yourself and you have your own ways of dealing with bills and managing your money. Changes might be needed when you are living together and it is best to sit down and discuss what will suit your home best.
Money is the biggest cause of arguments and conflict in a relationship so sort out money issues before you move in. To avoid the blissful dream turning into your worst night-mare it is better to set out the guidelines regarding the running of your home and avoid those unnecessary arguments about money or household chores.
The task of planning the household budget is made easier by using BillsManager.com. Follow the step by step instructions and you will get a clear picture of how much you need to put aside either weekly or monthly to pay for your household bills. When you know the figures, open a separate bank account for “bills”. Set up standing orders to automatically lodge money in and with the companies you need to pay so that the […]
Are you borrowing from moneylenders to pay your bills?
According to an article in the Irish Independent today, over 100,000 consumers who are already heavily in debt have turned to moneylenders. Are you borrowing from moneylenders to pay your bills? An inspection by the Central Bank revealed that people who are already in excessive debt are being given new loans they cannot repay.
Bernard Sheridan, Director of Consumer Protection said that ‘Using short-term, high cost loans for longer-term needs should be avoided and I would encourage consumers in such a situation to contact MABS for help and advice.’ If you are struggling to pay your bills, borrowing more money will only make your situation worse. Certainly borrowing money at such exorbitant rates will mean that you will never get off the treadmill you are currently on.
Moneylenders are legally permitted to charge up to 180% interest on short term loans and they collect payments from the debtors’ home on a weekly basis. They offer loans to impoverished people who cannot acquire loans from other financial institutions. This is due to the fact that these consumers don’t fit the criteria as they are deemed not in a fit state, financially, to repay these loans. In many cases, people are borrowing from moneylenders to pay off other debts or loans.
If you cannot afford a loan through the traditional financial institutions then it stands to reason that you cannot afford a loan from anyone else. Start up a budget by listing all your household bills and your total income. For more information on budgeting see BillsManager.com. If your income exceeds your expenditure, you are in a better financial state then perhaps you thought. If your household bills exceed your income, you can either look […]
Get smart, start your Household budget today.
Although for some time the idea of setting up a household budget seemed outdated and obsolete, it is fast becoming the “in” thing. Gone are the days of credit cards and re-mortgaging to maintain your lifestyle. Back are the days of knowing what you earn and knowing what you spend. Back to basics and get smart.
If you are smart, you will have already drawn up a budget, a plan to guide your household expenditure. If you want to get smart, now is the time to start your household budget. Don’t be afraid – it’s not a life sentence, it’s just a way to map out your spending and to strive towards your long term family financial goals.
These days, budgeting is not about misery and denial; it’s all about knowing exactly where your money is going. Your household budget will make you and your family aware of the senseless spending, so your money is spent more wisely on treats for all to enjoy or towards longer term investment. It guides you to spending wisely and getting more bang for your buck!
So what are you afraid of? A budget is just a plan or a map to future spending that is generally based on your past expenditure. Start to list all of your regular household bills, take out your bank statements and receipts for the past year and add up the expenditure for each bill in the year. Once you have a total for each bill for the year, add them up and this gives you your annual expenditure on your household bills.
A budget leads to less stress over paying bills and certainly less panic when those bills start coming through the letterbox. Setting up your […]
Back to School, budget now to avoid the stress.
I came across an article recently about the costs of our co called “free” education system in Ireland. Barnardos ran a survey with parents of children of a school going age. We all know the additional pressure to our finances that the “back to school” time of year brings, so why not budget now to avoid the stress.
The average cost for a child entering senior infants in 2012 was €355 covering the essentials which included clothing, footwear, school books, photocopying and voluntary contribution. These costs increase dramatically for a student entering first year of secondary school to a staggering €770 on average. The figures for primary level were slightly up on last years’ whilst the figures for secondary level were slightly down. These costs did not include school bags, trainers and art supplies. Nor did they include the additional costs for your child if they take part in extra-curricular activities. The figures are based on the basic essential costs only.
Don’t leave it too long to start to save; you have just less than 6 months to budget towards the inevitable bill of 2Back To School”. If you have a child due to start secondary school in September 2013, you will need to save about €30 per week for the next 6 months to insure you have enough money. If you had started to budget last September this figure would equate to €15 per week or €64 per month.
If you don’t normally plan your expenses, you should try to budget for at least one bill or expense so that you can experience how good it feels to have the money set aside for that bill when it is due to be paid. Once you […]
Manage your money for your family holiday
Its’ that time of year again to start to look forward to the summer and those holidays! Have you thought about your breakaway yet? Efficient money management is vital. Have you planned this expense in your household budget? For many years, now and in the past, Christmas Savings Clubs have been common place. These clubs were set up to enable people to set aside money on a weekly or monthly basis in advance of the inevitable expense of Christmas.
Not so common place is a Holiday Savings Club. In bygone years, our parents and grandparents were the epitome of efficient money management as they always saved towards any major expenditure such as Christmas and the summer holiday. They prioritised what was essential expenditure and simply did without if they could not afford the luxuries. Although the family holiday was not considered an essential expense, it was always something the whole family looked forward to.
There are a number of things you need to consider before deciding on the family holiday. Firstly, you will need to calculate how much money you can afford to spend on a holiday before you decide on where you will be going. If you are struggling to manage your money or to pay your regular bills such as rent/mortgage, utility and grocery shopping, you will need to set up a budget plan to structure your payments. This will help you to see if there is room for the additional expense of a family holiday.
You don’t have to join a specific account or club to set aside money towards your hard earned holiday. Include the expense in your BillsManager.com budget and you will not need to worry about paying for your holiday […]
Managing your money – Are you living within your means?
Managing money is not about earning loads of money, it is all about managing the money that you earn and as your granny might have said, “cut your cloth according to your measure”. In other words only spending what you have, cutting costs if and where necessary and living within your means.
What is “living within your means”? This is when you are spending less money than you are making. Nowadays, many people do not live this way. In many cases they live above their means which causes stress and upset not only financially but also physically. Some may be doing so without realising it, as they do not know how much money they are actually spending. In some cases they don’t even know what their total income is. To some people, it is more about keeping up appearances and keeping up with “The Jones’s” than keeping up with their finances.
Keeping records of your money, both income and expenditure, will enable you discover if you are living within your means. Armed with these records, you can clearly see where savings can be made on your current spending if necessary to bring you in line with living within your means. Your current income will support a certain standard of living – you should choose to live within your means or increase your income to support your expenditure.
Best place to start is a budget. Keeping track of all income and expenditure is made easy using BillsManager.com. Firstly, set up your budget, which will clearly show you your annual outgoings. It will also let you know how much you need to set aside for your bills each week or month before you start any discretionary spending. Then […]
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