Budgeting for the year ahead
With Christmas done and dusted for another year, our minds usually turn to the year ahead. In normal times, this might include a wish list of what we hope to achieve during the year; planning a holiday, moving home, getting married, starting a family, preparing for retirement or any number of dreams or ambitions that the New Year often brings.
However, these are not normal times. We are amidst a cost of living crisis with inflation at its highest level for 40 years. As prices continue to spiral, our minds turn to life’s essentials; putting food on the table, heating our homes and making sure we can pay the daily bills. Unfortunately, we think things are likely to get worse before they get better.
Higher interest rates are pushing up mortgage and other borrowing costs and with the Energy Price Guarantee coming to an end in April, the typical dual-fuel household may see its energy bills rise by at least 20%.
With the rising cost of living, we may not be able to control prices, but we can control our household budgets. A budget does much more than simply track what money we have coming in each month compared with our spending. A budget provides a clear picture of how we are spending our money, now and in the future which makes finding ways to limit the impact of rising costs a little easier – even if they can’t be avoided completely. Unfortunately though, despite being a hugely powerful weapon in the battle to make ends meet, many people struggle to create a budget because they simply don’t know where to start.
That is why Better with Money provides a range of interesting and accessible financial education webinars and courses covering subjects such as budgeting, how to reduce outgoings, prioritising payments, maximising your income, and managing and tackling debt. Better with Money helps businesses to equip their people with the tools and knowledge they need to become more money minded and navigate the financial challenges life sometimes throws at them.
There is no doubt that the next few months will be difficult financially for many. By helping people become Better with Money it is possible to help them both now and in the future when New Year’s dreams and ambitions can revert to much nicer things.
If you would like to find out more about Better With Money’s webinars and courses, please contact us.