1/21/2024 0 Comments Regular household billsOur research found that if you are organised with your spending, review your finances regularly and actively plan for the future, you are on track to improve your financial wellbeing. Reviewing your spending will help you make any necessary tweaks or factor in expenses you hadn’t thought of. Although, you won't usually pay fees on savings accounts Review & tweak Keep in mind that with every transaction account you open, you may need to pay more in fees. This can be a good way to make sure you only spend the money you have allocated for that purpose. Saving - for your rainy day or emergency fund or your one day goals.Lifestyle – such as buying clothes, movie tickets or eating out.Essentials - like your groceries, transport and health costs.Commitments - such as bills, paying off debt and making rent or mortgage payments.Let’s look at an example of how you might set up your accounts: Some people like to stick to their budget by separating their money into different accounts, each account having a set amount of money to spend on everyday items or bills, for example. Next you can work out how much you have leftover to allocate towards your rainy day or emergency fund, your one day goals or simply enjoying your day to day. You can use our Budget Planner to tally up these figures. Once you know what your fixed expenses are, you can set your budget. Family expenses such as school fees, day care, child support or baby sitting.Any insurances you may have that you pay directly from your account.Any debts you are committed to paying off including buy now pay later and credit card debt.Household expenses such as rent payments, utilities, phone and internet.Your committed expenses are your fixed expenses, they include bills and debt repayments. Your essentials are your day to day expenses you have to pay to keep everything running smoothly.
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