Stay in Control

Keeping Track

Now that you’ve got your budget sorted, here are some ideas to help you stay in control.

• Make a note of when your annual payments are due, for example car tax and insurance. You’ll be better prepared if you start budgeting for these in advance, and the reminder could also help you avoid late-payment charges.
• Think about setting up Direct Debits for payments like loan repayments, utility bills or credit cards, so that the money is automatically paid from your account when it’s due. This will help spread your payments so you can budget better and help avoid late-payment charges. But make sure there’s enough money in the account to cover them, otherwise you may be charged by your bank.
• Check your bank and credit-card statements as soon as you get them to review your spending. Know roughly what your balance should be. Contact the bank or credit-card company if you think anything looks wrong.

Build up some Savings

It’s a good idea to put some money aside for emergencies or possible expenses, such as replacing household items that are damaged, etc. As you won’t know when you’ll need this money, make sure you can access it easily, but try not to spend it unnecessarily.

You may also want to start saving up money for Christmas, a special occasion, or a holiday. If you put aside a little each month, it will soon build up. This will reduce the necessity for you to take further loans, and reduce the strain on your finances over the medium to long term.

Review your budget regularly

Make sure you review your budget regularly. If your circumstances change, for example your income or your bills rise or fall, look at it again.

You should also review your budget if you are considering making a big financial decision, such as a new car or home improvement, and a further loan repayment needs to be taken into account.

If you blow your budget or find that it is not working out, don’t panic- take a look at it and start again.