Take Action & Control, Overcome budgeting Issues
For many years I have worked with clients ready to move into their first home or new tenancy.
My role would be to provide the coaching & mentoring to enable them to prosper, improve their quality of life and importantly sustain their tenancy.
I would support my clients through identifying with an assessment of need, then with agreement would compile a tailored support plan and setting realistic goals to achieve. In general supporting my clients to improve and develop their life skills in preparation for their life journey.
One area that many clients struggled with, – money management.
So I provided a basic budgeting sheet to help with working on their income and expenditure. Below is an example of the budgeting sheet. This is for guidelines and may require tweaking or extending to meet with your needs, but this was a useful starting point that many found useful.
A amount away from B = £
If A is more than B you are in credit
If B is more, then you are spending more than you have and may get into debt.
First time tenants soon recognised that when bills arrived in, they were often a lot higher than expected. Such as: *rent *electricity *gas *water rates and many others. All these bills are expected to be paid within a limited time scale, so successful budgeting is an essential part to maintain any tenancy.
Many of us find this very difficult due to low income, so taking extra care is vital in coping and avoiding anxiety and stress that can come with worry over money management.
There are many temptations for buying items beyond our means, with payday loans, bank loans, overdraft facilities, the usage of credit cards and of buy now and pay later, ideal for many of us. Unfortunately these bills still require paying and they often clash with other weekly or monthly bills when they do need that final payment.
INCOME V EXPENDITURE
It is important that any taken out loans are repaid at the times stated on any contract or written agreement. *[Do check that the written agreement is clear, understood and that you can meet the repayment plan].
My advice was always to buy and purchase what you only really needed, to go to discount stores, take the time to find the shops or markets that you may get some bargains or cheaper priced items.
It may take a bit longer through some research but in the long run you will know where you can save a little and this will help you.
So don’t buy what you cannot afford and seek ways to reduce costs. Don’t let debt escalate and spiral out of control.
Keep records of payments and receipts where applicable, this will help you to identify where you are spending and how much.
Use a budgeting sheet to monitor your income and outgoings and make adjustments or amendments as you go. This will help you maintain the knowledge and understanding and helpful to maintain your finances, home and tenancy.
I have a further write up on budgeting under the heading, Moving To Own Tenancy [Life Skills For Young People] that you may find useful.
“If it is important to you, you will find a way. If not, you will find an excuse.”