The Budget Calculator is from the independent Money Advice Service and is totally free to use. It is designed to help people manage their household budgets effectively and is suitable for anyone to use. The budget calculator is an important part of Tax Rebate Services Money which offers free guides and tips on everything to do with money.
How does the budget calculator work?
The Budget Calculator processes all the details of your money’s comings and goings in order to give you a clear picture of where you can be more efficient. You need to input a variety of current figures and then you receive the calculator’s analysis, including tips for making improvements.
What information do I need to have to hand?
The Budget Calculator’s accuracy depends on the details you input. You need all of your financial information, such as: bank statements, household bills, food spend, holiday bill, entertainment and leisure (eg streaming service, gym membership), clothes etc. An excellent feature of this Budget Calculator is that you don’t have to do the whole thing at once. You can save your information and come back to it when it’s convenient. Many people find money matters stressful, so it’s good to know that you can take it at your own pace without losing anything.
Why bother with a budget?
Most people find that their money comes in and then goes straight back out again on life’s basics; food, rent/mortgage, travel to work, clothes etc. It can be really hard to set any aside as savings; even though you know how important it is to have a cushion for the unexpected, or to reach a particular life goal. Establishing a budget can reveal exactly where you can find this savings amount.
Taking control of your entire financial situation is very empowering. It lets you see how amazing you are at juggling all your commitments and shines a light on where a little tweak could make a big difference. Switching energy supplier, cancelling an underused subscription, swapping a daily lunchtime treat for a new outfit once a month…sometimes it’s just about looking at things from a different perspective.
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