Prices for a number of goods and services, including transactions, rent, telephone, and bread, will rise significantly for households in 2025.
The Portuguese people's purchasing power is directly impacted by inflation, which is still at 2%. Therefore, it is critical to comprehend "whether there are other ways to reduce costs, to obtain essential goods at lower costs, or even to benefit from support." We offer some advice on how to balance the family budget in 2025 in this week article.
For families, 2025 will not yet be a particularly easy year. The rising cost of living continues to put pressure on family budgets.
Our aim is to make you more financially robust by encouraging you to:
Record all of your expenses;
Collect income;
Completing calculations;
Meeting payment deadlines;
Renegotiating contracts; and
Investing your savings are all important.
However, in addition to these practices, it's critical to understand additional cost-cutting measures, such as negotiating lower prices for necessities or even negotiating with support recipients. Demand improved and expanded access to this topic's material, which isn't always available to all customers.
Make your financial diagnostic first.
If you already have a family budget, use the start of the year to assess your financial situation. You can determine the health of your money with a sound financial diagnosis. Remember that creating a family budget gives you authority over where and how you spend your money.
You will be able to establish guidelines, get rid of excesses, and keep an eye on all of your financial goals and plans in this way.
Formula 50/30/20
Use the 50/30/20 method to better manage your family's budget:
At least 20% of the budget must be set aside for savings or investments;
50% of the budget must go towards essential and fixed monthly expenses (rent or mortgage payments;food, transportation, water, electricity, gas, and telecommunications); and
No more than 30% can be allocated to non-essential expenses like travel, clothing purchases, or dining out. This percentage must be used to the amortisation or repayment of any outstanding loans.
We hope you have a successful new year!
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