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Managing your Finances Managing your finances is the smart way to stay out of debt and make the most of your money and income. Those among us with greater wealth may choose to pay an accountant to manage their more complex finances, but for the rest of us we can effectively manage our own finances by taking some fairly straight forward, regular actions. The first step to managing your finances is to write down a budget comprising your monthly incoming money and your expenses. Until this is done it is not possible to manage your money or understand what finances you have available. In the income section include wages, bonus payments, benefits and interest from savings and investments. Under the expenses heading include mortgage or rent, household utility bills, transport costs, regular childcare charges and debt payments. Hopefully there will be a remaining balance of money which is available for day to day living. From this amount deduct a realistic amount for food, day to day expenses and entertainment. Any surplus income can then be used to reduce debts or go into savings facilities.
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