How working mums can keep track of their finances

How working mums can keep track of their finances

Managing household finances can be challenging for anyone, but it can be harder for mums who juggle numerous responsibilities on top of their careers. Plus, a cost-of-living crisis and rising inflation in recent years have made it even more difficult to stay on top of our bills.

If you’re one of these hard-working parents and want to gain better control of your finances, here are four practical strategies to try.

Creating a realistic budget

Start by listing all necessary household costs, such as rent or mortgage payments, utilities, food and childcare. Don’t forget to account for the likes of dining out or entertainment too.

Simple spreadsheets can make tracking expenses easier, and the MoneyHelper Budget Planner is another handy tool to simplify the process. Just input your income and payments to get a clearer picture of where the money is going.

Regularly reviewing and adjusting them is important, especially when there are changes in income or monthly spending, such as energy prices or fuel costs.

Utilising mobile banking apps

Many banking apps now offer features, such as automatic categorisation to track your debit and credit card spending, giving you a comprehensive view of your financial health.

You can also use them to open new accounts, so you can put funds aside and save towards something you or your child has always wanted. Plus, it can tell you how much you might be able to borrow just in case you need to take out a loan.

Planning for unexpected issues

Whether it’s a car repair or a leaky pipe, an emergency fund is essential for handling these costs without derailing your budget.

You should try to set aside at least three to six months’ worth of living expenses in an easily accessible account. While saving large amounts may seem daunting, the key is consistency.

In addition to unexpected emergencies, it’s a good idea to factor in irregular but predictable things, such as holidays, birthdays or school trips to avoid any nasty surprises down the road.

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