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Springfords LLP blog

Some news, views and comments about everything and anything, relevant and irreverent.

Budgets: don't cut your attention

15 June 2017

Do you get illiterate when asked to be numerate? If you’re a bit cash-handed about handling cash, and the thought of balancing the books leaves you spreadsheeting yourself, it’s definitely time to count the cost of accounting for your finances.

A recent poll (no, not that Westminster one) says you’re not alone if you’re the sort who just gets by and hopes for the best at the end of the month. If the bank statement arrives in black, or at least not in bolder red than the last one, you’re happy to stay calm and carry on without a family budget.

For those of you sitting at your desk, business budgeting shouldn’t be new. It’s a necessary chore. To many people though, the thought of balancing the family budget isn’t so appealing. 

Yet,  home economics is just as important as business budgeting. But as consumer credit reporting agency Equifax found out recently, financially challenging times are not given the time of day by almost a quarter of British households. One in four trust their family fortunes to good fortune by not having any sort of budget at all.  

Some regional variations show different attitudes. The South West of England tends to be more responsible, with better than four out of five households in Dorset, Devon and Cornwall facing up to their financial situation on a monthly basis.  However  the traditionally ‘money wise’ region of Yorkshire fails to live up to its reputation. 

Canny Yorkshire men and women have been found out to be far from the penny-pinching curmudgeons the world expects of them.

While financial budgeting is an absolute must for a business, and something we take seriously at Springfords, we say family budgeting is at least as important. There was a collective gasp when we learned that a third of families from Harrogate to Hull, and from Beverley to Batley, were neglecting the most basic of household tasks - comparing income to outgoings and making sure the former is bigger than the latter.

Getting in the financial habit is something that we all applaud at Springfords. Treating your home budget with as much importance as your business one is a great way to ensure that your healthy, wealthy and wise, all the way from bedroom to boardroom.

Setting up a family budget is really simple. There’s plenty of free help out there on the web, and we’ll even give you a few pointers for free too. So what are you guys in the South East thinking about? You came out worst of all in the survey. Only two-thirds of households are on top of their financial position on a regular basis.

Put your family financial affairs in order. Then, when you come in to meet the family at Springfords, you’ll have a head start in your chat with us about the all the numbers that make your business and personal finances healthy. Now, when it comes to the financial planning poll, surely that gets your vote.

 


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