Calculating your expenses

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Money Saving Tips

8. Plan as effectively as possible any items of expense to be purchased. It may be that this is going to be an expensive year for you, and must be planned accordingly. For any events that are going to require substantial borrowing, such as a daughters wedding, a change of car or major home improvements, consideration could be given to ensuring that all borrowing is done at once, and that effective planning is carried out to ensure that you know exactly how much you need to borrow.

The reason for this is that there is little point in borrowing more than is required, and it can be extremely expensive if you leave yourself short, and need to refinance your loan after only a few months. Equally, it is better to have time to look properly for your loan provider, rather than panicking and taking the first deal thrown at you.

For all medium level expenses, such as wedding gifts or special birthdays or holidays, again, weigh up income and commitments to ensure that enough is put away monthly to prepare properly for these events, rather than relying on credit cards and overdraft increases to see you through.

Finally, think fully of any permanent changes due to occur, and ensure that any additional expenses incurred are within budget before taking the final step towards implementing them. For example, though a baby or larger house may be desirable, plan carefully.

 

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