Managing your personal budget involves taking into account all the expenses and revenues recorded during a month. When expenses are largely fixed and well defined, it may be easier to keep track of your budget. On the other hand, when it is necessary to manage many expenses and especially to pay every month several debts, the task can be more complex. If you are among those who have to repay more than one personal loan, consider grouping your credits.
First step: establish a balance of income and expenses with financial monitoring
Payday loan consolidation is, of course, a solution that offers the opportunity to reduce its monthly payments and regain a certain financial serenity. However, it is a solution that is not necessarily adapted to any situation. It is therefore important to consider having your credits grouped together, to draw up a personal assessment of your income and current expenditure. It is also a step that takes very little time: to establish the balance sheet, simply draw on paper all your income and expenses, by helping you with bills and various bank statements.
Group expenses and revenues (financial follow-up)
For better accuracy, be sure to group expenses and revenues by category: water, electricity, food, allowances, wages, pensions, transport, debts,… Also make sure to determine the fixed cash inflows and outflows, while grouping those that are not regular or uncertain. Also list on paper the monthly and annual costs. Once all this information is classified, it will be easier for you to identify the burdens that can weigh heavily on your budget.
In the majority of cases, if the households still manage to provide for their needs, they do poorly in the repayment of their debts vis-à-vis the bank or financial institutions.