RRK Cash Solution

(PressKing, June 23, 2011) – Financial solutions provider Think Money advises consumers to remember the importance of a well-planned budget, commenting that careful budgeting can help people to avoid overspending and missing important payments.The comments are in response to recent research by insolvency trade body R3, which found that just 23% of women and 15% of men manage their finances with a budget.
More positively, the research noted that more than four fifths of people in the UK have changed their spending habits in the last 12 months, in an attempt to improve their financial health. 

An expert at Think Money commented:
“As this research shows, budgeting is something that the majority of people just don’t think about – yet it could make managing your finances much easier, and help to prevent financial problems from occurring.

“Some people end up falling into debt – often incurring bank charges along the way – simply because they haven’t planned in advance. This lack of planning often means they run out of cash sooner than expected, and some turn to credit to get them through. This can start a vicious cycle of borrowing money to get by, and over time this could lead to the kind of situation where a debt solution such as a debt management plan is required.

“With that in mind, people owe it to themselves to take a few minutes at the start of each month to plan out how much they can afford to spend without missing any important payments. Not only does this make overspending far less likely, but it also enables people to identify existing problems with their finances – for example, if their outgoings exceed their income.

“Anyone who does identify any problems with their finances in this way can then seek expert advice on ways to improve their situation.”
Putting together your budget

Creating your own budget is simple.
1. Make a note of your monthly take-home earnings (i.e. the money that actually enters your account each month – not including tax and other deductions).

2. Now add up your total monthly outgoings – things like mortgage/rent, food, bills, and anything else you regularly spend money on.
3. Subtract your total monthly outgoings from your take-home earnings. What’s left can be safely spent however you like.
-ENDS-
Notes to Editors

Think Money is one of the UK’s leading financial solutions providers, delivering a comprehensive range of financial solutions, including loan, insurance and banking solutions.
Think Money defines its mission as ‘To educate, rehabilitate and advise on all aspects of financial management’.

For more information, visit the Think Money website at http://www.thinkmoney.com/.

Think Money debt management plans section: http://www.thinkmoney.com/debt/debt-management/.

Think Money debt consolidation calculator: http://www.thinkmoney.com/debt/debt-consolidation/calculator/.