Following your household budget is the foundation of financial responsibility. Managing your personal finances is not just about temporarily paying off expenses, but also about long-term planning, saving, and investing

If you have property purchase in your long-term plan, start financial preparation already today. #1 CHALLENGE - Review your personal finances Set aside time to review your finances. If you have access to internet banking through your bank where you have a current account, download transactions from 01.01.2023 to 31.12.2023 into Excel. Classify your income and expenses according to your account for the entire past year. Classify expenses according to your account into categories, for example: Food, Clothing, Shoes, Home, Sports activities, Fuel, School. You can be sure that some expenses will remain outside of the set categories, but at that point, just pay attention to the fact that it is not a large expense. #2 CHALLENGE – Financial awareness After classifying expenses, are you surprised by what your biggest expenses are? Are you aware of which things you spend too much money on? Maybe you have a few subscriptions to streaming services, how much do you spend on home delivery, do you need a subscription to the online edition of the newspaper? Do you pay the bank a fee for maintaining your account? Check if the bank offers a family package that will allow you to save money every month. Think about how you can save even more in your household budget. #3 CHALLENGE – Define your monthly budget After analyzing your own expenses and savings plan, define your personal monthly budget. Expenses are not the same every month, so for example, December is the month when you usually spend the most, while during the summer holidays there is less expenditure on extracurricular activities. When planning your budget according to the groups in which you classified expenses, try to allocate a certain percentage for saving. Prepare an achievable plan of your monthly expenses, otherwise, you will quickly give up on financial planning. #4 CHALLENGE – Define the amount for saving It is easier to set aside a part of your funds for saving if you set goals! Short-term goals can be savings for registration, savings for travel, closing the deficit on your current account. Long-term goals can be savings for pension, renovation of the apartment, purchase of a car. To be persistent in saving, conclude a permanent mandate by which a certain amount of savings will be automatically transferred to a savings account every month. #5 CHALLENGE – Target savings for the loan If you plan to purchase property, open a savings account and start making deposits every month. If you are able, start making deposits now in the amount of the future installment or installment. This is a good way to personally recognize whether you are able to set aside a certain amount of money every month. An additional benefit of this savings is that you can use the savings, depending on the amount, as a contribution towards a mortgage loan, for a guarantee, for the cost of a public notary, and for other expenses related to purchasing property. Be patient and persistent It is sure that there will be additional expenses that will disrupt your personal finances, but do not give up on your plan at that time. Do not be overly ambitious, enjoy a cup of coffee with friends or take your family out for lunch. However, be persistent in planning your finances and your savings. It pays to be financially smart! Author: Martina Mataić Škugor, diploma iur. Opereta kreditno posredovanje

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