In this brief guide, we will discuss the Halifax budget tool and how it can potentially help you save more money.
Halifax budget tool
Halifax has a range of budget tools which help you manage your money even better.
One of these is the Halifax Balance extra:
The Halifax Balance extra is a Halifax budget tool which displays your real balance before your next payday when taking into account your direct debits, standing orders and typical expenses.
The main Halifax Budget Tool
The main Halifax budget tool is a tool which Halifax has on its website which helps you budget. To use this tool you will need about 15minuites and some of your financial documents such as bank statements and your income details. You may also need Utility bills in hand.
What does the Halifax budget tool do?
The Halifax budget tool will give you a full picture of your household finances.
You will need to put in your:
“Sources of income
Essential expenditure – things like mortgage or rent, council tax or transport
Arrears or debts – for example on credit cards and loans
Discretionary spending – like going to the cinema or gym membership.”
The tool will then provide you with more information on your income and expenses as well as your disposable income. You will be able to print and keep this report for yourself.
The Halifax budget tool is very extensive and so you must have the patience to fill in all the required fields.
Some of the information the tool will request include:
Your net salary (the amount you take home)
Your partner’s net salary (the amount they take home)
Overtime, bonuses and commission
Maintenance or child support
Income / employment support
Incapacity benefit / sick pay
Carer’s allowance or other benefits
Child or working tax credits
Investments / interest
Other income (tenants rent)
If you are looking for a tool to keep track of your money, help you grow your savings then there are many on the market with real live updates about your finances which help you budget much better.
In this brief guide, we discussed the Halifax budget tool. If you have any questions or comments please let us know.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.