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Having a new baby can cause quite a dent in the household finances, most new parents are totally amazed at just how much
it costs, that is why it is essential to keep a close eye on the families finances to ensure you don't run into problems.
Most of us have a vague idea of our incomings and out goings but a clear budget is the only way to ensure that you know exactly
where you are what you are spending and where you can cut back if you need to.
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The place to start is with your Income,
wages, money from savings interest and be sure to check out any benefits that you maybe entitled too now that you have a child.
It is often easier to split this into a monthly period as most people are paid monthly and bills are due monthly.
Then you're spending, get out your bank statements and be honest, include all your outgoings
- Bills, gas, electricity, rent/mortgage, insurances, water, TV licence, phones,
etc
- Shopping, food, toiletries, clothes, etc
- Travel, Car tax, petrol, insurance, serving etc
- Leisure, holidays, entertainment
- Other expenditure, Loans, Credit cards, savings etc
Then simply subtract the outgoings from the income. This gives you a clear picture of where your money goes and how
to make changes if you need to.
The FSA have provided a really useful tool that is preformatted to help Budget calculator
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