How is the financial situation of your family? Do you usually succeed in saving some money and achieving life goals or are you always in debt and having difficulty in budgeting?
You can predict expenses with personal budget planning and put all your bills on paper which you can pay through doxo. And you will find no better time for it than the end of the year. In this part of the year, you make a real financial revolution, eliminating several things that are not necessary, which leaves you with the exact notion of what to do.
So that you don’t suffer from the overdue accounts in the year, we have some tips to help you plan your personal budget and get you into the next year with a more sustainable and balanced financial situation.
Pay Close Attention to Fixed Expenses
The sum of all the fixed expenses, such as water, electricity, supermarket, condominium, health plan, telephone and internet, cable TV and a school must be limited to 50% of income.
If it is way above that, it is time to rethink the standard of living to adapt to the reality of income.
If family indebtedness is only a temporary issue, it is possible to cut superfluous expenses to resolve this one-off mismatch.
However, if fixed expenses consume most of the monthly income, it is a sign that the family is living in a standard of living unsuited to its financial reality.
Therefore, in order for the financial situation to be stable and calm again, one must reduce spending and save at least 10% of the rent each month, and you can plan your budget and settle your debts through doxo.
In addition, the decision to cut expenses should be well thought out, as it sometimes requires even structural change, such as changing the children’s school or moving house.