I manage my budget
Do you sometimes end up in the red at the end of the month? Managing your budget is a priority for any responsible person.
It is clear that the cost of living rises every year and that household purchasing power tends to decrease. Managing your budget can then become a daunting task.
However, if you wish to take out a loan, managing your budget will be the first priority because our brokers will start by analyzing the ratio between your monthly and annual income and expenses. It is only if this ratio does not exceed 50% that you will have the possibility to take out a loan.
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Managing your budget
Vast program, if there was only one of our mini-guides left, it would probably be this one. Indeed, how to benefit from a loan and especially manage to pay it off smoothly if your budget is poorly managed.
So be responsible and don’t bite off more than you can chew. The quality of your life is more dependent on the balance of your monthly and annual budgets than on owning the latest trendy TV…
What is a balanced budget?
Managing your budget like a responsible person means that the total of your expenses, including taxes and all your extraordinary charges (provision for expenses such as illness, replacement of worn objects, gifts for children) does not exceed all of your net income and even leaves a surplus for savings.
It is estimated that it is not unreasonable to manage to keep a positive balance of 15 to 20% of your net income in your bank account to feed your savings. Thus, if your net income is €1,450.00 net, you should be able to keep between €217 and €290 in your bank account at the end of the month. Don’t forget that your savings will allow you to cope with a possible hard blow. It doesn’t just happen to others…
Practical advice
- So make two summary tables (one monthly and the other annual) and indicate all your expenses in one column and all your income in the other (unfortunately, there will be fewer lines than in the “expenses” column).
- Don’t forget to provision a part of the annual expenses in the monthly table.
- Don’t cheat, be honest with yourself…
- Check your bank statements or Home Bank every week and force yourself to stick to your budget.
- Don’t forget to keep between 15 and 20% of your net income that you will dedicate to your savings.
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