Are you currently a passive fiscal partner in your relationship? Can you leave paying the invoices, finding the best mortgage deal and pension intending to your significant other? Recent research from the UK undertaken by the Department of Work and Pensions emphasized that many of single women over fifty suddenly need to deal with
Are you currently a passive fiscal partner in your relationship? Can you leave paying the invoices, finding the best mortgage deal and pension intending to your significant other?
Recent research from the UK undertaken by the Department of Work and Pensions emphasized that many of single women over fifty suddenly need to deal with the fiscal events and paperwork that their spouses took care of while they were married and have to deal with money issues they’ve never handled before.
Learning how to deal is therefore something many women have to get to grips with after divorce, the death of their spouse or the breakdown of a relationship.
Here’s a personal budgeting plan is effective for me and I am sure it will for you also.
You will need to set up two bank account that you can do from precisely the same bank. I call mine Number One and Number Two account
Arrange to get your salary/wages/pension/income paid into your Number One accounts
Put aside some time when you won’t be bothered and gather all of the info you have regarding income and cost e.g. bank/credit/cards, wages, pension, savings, receipts etc..
Make a list of your monthly cost, your fixed costs for instance, food, utilities, mortgage/rent, Council Tax etc.. Look back through bank/credit card / store cared statements that will help you.
Make another list of all your irregular expenses. For instance auto tax/insurance/maintenance, insurance, holidays and Christmas.Now divide the total by 12 and arrange a Direct Debit with your lender for this amount to be moved to a Number Two account each month.
I also arranged a Direct Debit to a Savings account which I keep specifically for unexpected expenditure to cover crises. You knowthe times when the washing machine or TV breaks down, root canal treatment looms in the dentist or the stove blows up.
You may find after a month or so there is something you’ve forgotten or you have under-estimated an part of your budget. That’s OK, only tweak your budget and make the necessary modifications as It’s Important to ensure your budget is equally accurate and realistic
Budget finance can feel scary when you’ve misplaced your, Personal Financial Advisor, Personal Banker and Personal Budget Manager all in one go. So don’t worry about it and understand that help is always available should you require it. You will be thrilled just how much more confident you’ll feel as soon as you have mastered cash management budgeting.