Yorkshire Building Society Launches New Tool to Help People Budget
Yorkshire Building Society has launched an online calculator to help people budget and manage their household bills.
The new household budget planner encourages people to understand what their outgoings are and what they have left each month to help them see if they can start saving or increase their savings pot.
Household bills calculator - what do I need to pay?
The budgeting and household bills calculator prompts users to enter their monthly income and outgoings associated with running a home and maintaining their current lifestyle. This might include:
- Rent or mortgage
- Council tax
- Food and groceries
- TV subscriptions
Other monthly outgoings - what else might I spend?
The calculator also encourages people to consider other monthly costs, such as:
- Mobile phone subscriptions
- Gym subscriptions
- Childcare costs
- Car maintenance
As well as the prompted outgoings the household budget planner also allows people to put in their own custom outgoings. It then calculates their total monthly household budget and visually outlines how much money they can expect to have left, before providing tips to help people get into the savings habit.
Louise Halliwell, senior savings manager at Yorkshire Building Society, said:
Our new easy-to-use calculator can help you understand your finances better and take steps to start saving.
Whether it’s saving for a life event such as a wedding or first house, or growing a rainy day fund in case the boiler breaks, life is full of ups and downs.
Taking steps to review your money and look at how you might be able to start or increase saving could help you financially prepare for both the good and the bad in the future.
Try the household budget planner
For more tips on planning around household bills and budgeting visit our guide to Budgeting Made Simple or to get some tips on saving, see our guide Getting into the savings habit.