6 steps to successful budgeting!
As it’s National Conversation Week #NATCONVWEEK - today we want to share with you a personal budget action plan…
Step 1 - grab your bank statements for the last month
Step 2 - write down all your regular bills (date, who to, how much, what is it and what do you get)
Step 3 - shop around and see if you can reduce the cost or improve of each individual item or improve the “what you get” for the same money (Key areas to target are utilities, phone/broadband bills, insurance (buildings/contents/life), TV packages.)
If you spend 10 hours on this and can save yourself £10 per month, that will equate to saving you £1200 over the next ten years OR much more if you divert the saving methods to overpaying on your mortgage! We are talking THOUSANDS of pounds of savings year on year!
So then what about the ‘other stuff’?
Do you qualify for Married Persons Allowance and if so, are you using it?
Are you on the correct banding for your Council Tax and do you know how to appeal if you aren’t?
What about your personal pension contributions – If you are a high rate tax payer are you claiming high rate tax relief?
There are so many factors to consider when it comes to your finances. The reality is you’re probably aware that you’re overpaying on certain things… but it’s time and effort you don’t want (or can’t!) find to sort it out. However, when you look at it like £1200 a year for a few hours effort – that’s an extra holiday! The good news is… we are happy to do a lot of the hard work for you!
Here at Simpson Financial Services, we are able to help you complete a proper financial analysis of what you spend your other money on. In fact, in the upcoming months we are introducing this functionality to our Personal Finance Portal so you can receive a monthly comprehensive report of where else you are spending your dosh. Fancy a chat? We’re here to help!
Give us a call on 0800 6342 111
