04 Apr 2023

Guide to simple budgeting to avoid arrears

budgeting

Budgeting is an essential tool that can help you stay on top of your finances and avoid arrears. To create a budget, you should categorise your expenses into two buckets – essential and non-essential items. You should prioritise your mortgage repayments over other expenses to ensure that you don’t fall behind and end up in arrears.

Keeping track of your expenses and income is crucial to avoid overspending. You can use a spreadsheet or an app to track your expenses and monitor your budget regularly. By doing so, you can identify areas where you can cut back and save money.

Setting financial goals is a great way to stay motivated and focused on your long-term objectives. You can set short-term and long-term goals that align with your budget. Prioritising your goals will help you achieve them faster.

Mortgage House’s customer care team offers various assistance programs to help customers who are struggling with their mortgage repayments or budgeting. These programs include repayment holidays and loan modifications. In addition, Mortgage House provides a budget planner calculator that can help you create a personalised budget plan.

In conclusion, budgeting is a simple yet powerful way to take control of your finances and avoid arrears. By categorising your expenses, tracking your income and expenses, setting financial goals, prioritising your mortgage repayments, and using Mortgage House’s budget planner calculator and assistance programs, you can achieve financial stability and security.

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