6TH APRIL 2020
Buildout a Budget Plan
Having little to no income is daunting, especially when you are faced with living off your savings or not knowing when your next financial stimulus check will arrive. To reduce your economic stress, it is important to carefully organise your income and determine any available financials. One of the first and most effective steps to take would be to buildout a budget plan. The idea of budget planning can be complex and worrisome to many, but with the use of a budget planner, you will be supplied a clearer picture of money coming in and where it may be tied down to.
Determine Ways to Cut Costs
With a beginning budget plan in place, you will be able to further break down each of your financial responsibilities and avenues over the course of a year, month, or week. With an assessment of your current water, energy, electricity, internet, and shopping bills you may be able to find areas that can be controlled. Whether that starts with switching utility and internet providers or limiting the purchasing of non-essential groceries and name brand goods.
While continuing to cut costs and following your planned budget is a good start, it is important to claim any benefits owed. While on a smaller budget these measures can help you get by, but when other circumstances come into play you may be entitled to an interest-free budgeting loan from the UK government. This loan can help further alleviate the costs of rent, maintenance of household equipment, maternity items, and other essential needs.
Preserve Your Wealth & Investments
Living off a smaller budget can difficult to comprehend. Many normalities and services in your life may begin to change or shift away to cover other fiscal responsibilities. While the job market or financial future may appear uncertain, it is imperative to have a financial partner by your side. At J Edward Sellars, we are proud to be your local source for sound financial advice and personalised wealth management. From tailored financial planning to additional investment & savings advice, our 50 + years of experience has helped individuals and their families control their finances. We are proud to serve clients across Clevedon, Somerset.