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


Christmas and self assessment

Hard to believe that it’s nearly Christmas again, where does the time go?

Another Christmas is quickly approaching and before we know it will be Jan 2020. With all the excitement of Christmas it’s all too easy to forget the pending self assessment deadline.

I thought I would post an article to remind people of the deadline (31st Jan) and some helpful tips. It’s only 60 days from today (1st Dec)

1. Get organised  – as someone said “a stitch in time…” – take time now to find p60, p45, bank statements etc.

2. Check login details – make sure you have a Government Gateway account and you know password. Do you know your Unique Tax Reference (UTR), takes a few days for a reminder.

3. Budget  – do you have an estimate of how much tax you will need to pay? Why not set aside some money from Nov and Dec salary to help cushion the blow.

If you have anything sorted that’s good news. If not and you feel stressed by the thought of another tax return why not contact us – we can help you through the process. 

We are more than happy to be contacted by

text/call – 07598 435537


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