In addition, consider freelance work if your employment contract allows it. To complement cutbacks in your spending, consider new ways to increase your income.įirst and foremost, if you have savings and investments you're relying on to generate part of your income, make sure they are performing as well as possible. Remember, if your budget is out of balance in the long term, you'll end up with debts that could be expensive and may take a long time to clear.įind out more: best ways to save money 4. Spending less on going out and buying new things isn't easy - but not cutting back now might mean you're in an even more difficult position later. How far you have to cut back your leisure spending will depend on your personal situation. This means prioritising the activities you get the most enjoyment out of and spending less on those that aren't offering you good value for money. If your budget still doesn't balance, it's time to cut back on non-essential spending. Shop around to see what other providers are offering, and try haggling with your existing provider to see how low it is willing to go to keep you as a customer.įind out more: haggling explained 3. So don't just accept the renewal quotes you receive for utility bills and insurance. The changes you make aren't likely to make you feel deprived - but they will help to keep more cash in your pocket.
#Fixed monthly expenses free
If your budget doesn't balance or you're looking to free up some extra cash, you could try to cut the cost of essential household goods and services. However, it's important to clear your debt before the end of the 0% period to avoid being charged at the standard APR on the remaining balance.įind out more: 0% balance-transfer credit cards explained 2. In turn, this will speed up the process of balancing your budget. Taking out a 0% balance transfer credit card could cut your interest costs dramatically, allowing you to pay off your debt more quickly. With most credit card providers charging typical APRs of up to 19%, owing even a modest amount on your plastic could cost a significant sum in the long run. If you have existing debts - particularly on credit cards - these are likely to be an expensive drain on your budget.
The tips below will help you stay on track with your financial goals. Once your budget's in place, it's sadly quite easy to lose track of it and switch back to autopilot.
#Fixed monthly expenses how to
Tip: you can keep up with the latest best rates on savings in our guide to how to find the best savings account. Budgeting is about being prepared for things like this, not just maximising your disposable income. It might be tempting to reduce the amount you're putting into savings, but that money will be important if you ever face an unexpected expense such as a home repair or increased bill. In the example above, our budgeter reduced their spending on alcohol, leisure and 'other' to keep their outgoings below their income. We've included multiple forms of income just to show how that would work, but you may well just need to include your monthly salary here (which would be much easier).
Here's our example of the 'income' section of a budget. If your main income arrives more frequently, you may prefer to make a weekly or fortnightly budget. In the example below, our budgeter is paid a monthly salary and they do occasional freelance work on the side.
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