Managing your finances
To ensure your finances remain in balance, you need to manage them.
Start by going through all your monthly household income and expenses. There may be some months when your expenses exceed your income. Some payments have to be made regularly every month, others a few times a year. You can prepare for fluctuations in expenses by managing your finances to keep your income and expenses in balance.
Household income usually consists of earnings or pension. Other income may be various benefits such as unemployment benefit, child benefit, housing allowance as well as capital income.
Essential household expenses are rent, electricity, water, commuting costs and food. If the household has debt, essential expenses also include loan repayments. Other important expenses include healthcare fees, insurance premiums, and telephone and internet charges.