How a traditional housekeeping budget could make managing money simpler

thinkmoney

General Finance

Do you have a housekeeping budget? If you answered “no”, you’re not alone – only a quarter* of all households in the UK still uphold this tradition.

However, while it may seem old fashioned to set money aside for housekeeping, it can be a great way of budgeting and making sure all your important outgoings are covered each week.

Make life less complicated

Not that long ago, many families had a housekeeping budget. The main breadwinner would give money to their partner each week, and this could be spent on all the essential expenses the family had like groceries, clothing and childcare.

Today, people are more likely to pay money from their salary into a joint account they share with their partner, and these funds are then used to cover all household costs. This means the days of having a set amount of money for the week’s housekeeping are over. However, this form of financial management can still be very useful.

Basic budgeting

When you withdraw money from a joint account on an as-and-when basis it can be difficult to keep track of it all. As a result, it’s not that uncommon to get to the end of the month and realise you don’t have enough cash to cover some of your other essential outgoings, like utility bills or debt repayments.

Work out exactly how much you spend each week or month on essentials for the home and your family, and you can write up a budget to follow. This way you have the peace of mind that you can afford everything you need, and pay the bills too.

Help with budgeting

At thinkmoney, we can help you budget for all those other essential outgoings you have as a household, like bills and rent or mortgage. When money comes into your account (for which fees are payable)each month from your salary or any benefits you receive, your Money Manager will ring-fence the amount you need to cover your standing orders, and transfer the remainder to your card account. You can then spend this as you wish – safe in the knowledge that your important bills are sorted.

*OnePoll questioned a nationally representative sample of 2,000 adults aged 18 and over between 4th April and 9th April 2014, of whom 500 were Scottish residents.

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