Counting the cost of Christmas and next year’s budget

Here we are it’s the end of December, Christmas is done for another year and we are busy think about what 2020 will bring.

I wondered today how many people will plan to save money next year whether for holiday, Christmas or just rainy day funds

It’s all too easy to add one more item to the basket or just get that little thing and it’s not until the credit card arrives you notice how much those little extras costs.

I think the key to good financial management is to know what comes in and what goes out, or as Dickens writes in David Copperfield. 

“Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.”

It seems that no matter how old that quote is, it is still relevant today, perhaps more so with the advent of quick credit.

Some people think that you need software or complicated spreadsheets to do this, however, you can start with a simple notepad.

A quick and easy starting point for is 

  1. Work out monthly income (check payslips and benefits)
  2. Analyse payments
    1. Fixed – mortgage, rent, utilities
    1. Regular – not fixed – food, fuel, take aways, planned savings
    1. One off – non regular – holiday, Christmas, birthdays 
  3. Understand how much is left or overspent!!

If you want to use software that’s great, however, the important task is to record it regularly.

Why not take a moment before the new year to start the tasks above, you may be surprised.

Drop your comments below on what works for you and what your challenges are

If you need any advice with the above or how to start then feel free to contact us

text/call – 07598 435537


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