It can often be a struggle for households to cover their monthlybills. It can be stressful struggling for money or worrying about where thatnext payment will come from. However, there are things that you can do to makethings easier.
Be aware of your Expenses
It is good to start out by being aware of what expenses you have to pay. Do not just look and monthly things but look across a full year. You will be able to find this out by looking back over your past bank statements. It is easier to do this than trying to remember what sorts of things you buy. Having an awareness of what to expect will mean that you will be better prepared and it will make it easier for you to make sure that you leave enough money to cover the cost of everything that you need to buy.
Set up direct debits just after payday
The first thing to consider doing is to set up direct debits to pay your bills. This will mean that they are paid automatically and therefore there is no risk that you will forget to pay them. If you set these up to go out just after payday then you will have enough money to pay them as well. This can help you to be more organised with your finances as you will know that the bills have been paid and that any money left will be available for you to spend on the other things that you need. Hopefully, if you then budget with what is left, it will mean that you will have enough money to manage without going into debt.
Spread payments over the year
There are some things that you pay which tend to be paid in a once a year lump sum. This can apply to insurance, water rates, taxes and things like that. If possible, it can help to pay these monthly. If you spread the cost then it will mean that you will find it easier to manage all of your other costs as well. Therefore, it is worth thinking about whether you have any expenses like this and whether you can spread the cost to make it easier. With some of them it might cost more for you to pay this way. You might be prepared to pay this so that it makes things easier or alternatively, you could pay some money regularly into a savings account so that you a lump sum ready to pay the bill when it comes.
Keep some savings behind you just in case
It is always a good idea to have some money in a savings account just in case you struggle for a particular month. If you do not, then you may have to get a loan , which can be very helpful but will cost you more money in the long run. So, if you have some money free at the end of the month then pop it in a savings account and you could find that you will build up a nice lot to use when you need it. It can grow even more quickly if you schedule a direct debit to pay some into a savings account each month. Even if you can only afford a very small amount, it will at least start your pot growing and mean that there is something there when you need it.
Prioritise spending
It is so important that you prioritise what you are spending. You need to think hard about what things you need to spend money on and what you do not. We all buy things that we do not really need and therefore if we cut back on these it means that we will be able to manage our monthly bills more easily. To monitor this, you can ask yourself whether you really need what you are buying and if you do not then do not buy it. This can be quite tiresome though and it means that you will never be able to treat yourself. Therefore, it could be better to calculate how much you need to cover all of your necessities and then you will be able to use what is left to buy some luxuries.
Hopefully, if you try some or all of these things it will bea lot easier for you to manage your household bills. Sometimes they can feellike a big burden but if you spread the payments, pay by direct debit once youare paid and make sure that you are aware of how much they are, you will findit easier. By prioritising your spending and having some savings just in case,you should be able to make sure that you have enough to cover the cost of them.