Subscriptions you’ve signed up for and forgotten all about. Amazon deliveries. Takeaways. Coffees on your commute to work. We know the drill. Being on top of ‘everything’ 100% of the time is not as easy once you’ve entered the world of parenting.
While we can’t magically add hours to your day to help with admin, we can steer you in the right direction when it comes to your family finances.
Begin by breaking down your expenses into some sort of spending tracker. Whether you’re an Excel lover or more of a visual planner, it doesn’t make much of a difference. As long as you’re actually keeping tabs on your outgoings.
Once you’ve picked your go-to, you can start off by splitting your monthly income from your outgoings. A good way to do it is to divide your current monthly payments like your mortgage and your grocery aside from your savings and your total income.
A rule of thumb is to begin dividing them into three columns:
You can now grasp how much of it you can save into:
You now have a bird’s eye view of your finances. Hooray!
Ready to dig a bit deeper into your spending patterns?