It may take a little time and effort to draw up a household budget, but it is basically quite easy. In principle it is about comparing expenditure and income and making sure they are balanced.

First draw up a list of all your expenditure or outgoings over the year. Break down expenditure that doesn’t crop up every month into monthly amounts. There are budget templates on the Internet that already contain key items and to which you can add others. Then record all your income.

When you have compared outgoings and income, look at the result. If your budget is balanced and you even have a little money left over at the end of every month, then everything is OK. You can save this money every month and build up reserves.

If the result is a minus the first time you go through your budget you will have to check the list again and reduce your expenditure. You can do this quickly if the deficit is small. If the deficit is bigger, on the other hand, it may be necessary for you to move to a cheaper apartment or sell your car. This cannot usually be done at short notice. It is worth checking your household budget several times each year and adjusting it where necessary. If you want, you can also seek expert advice. Budget templates and online calculators are also available on the Internet.