Household budgets 'important'
It is important that Britons create and stick to a household budget in order to take better control of their finances, it has been advised.
Jasmine Birtles, founder of Moneymagpie.com, said: "The thing is, [a budget] doesn't have to be the total law, but at least if they have an idea of firstly how much money is coming into the household each month and secondly [what] they have to spend on essentials like rent, utilities, phone, food."
By taking one of these away from the total incomings, people sharing a home could find they have a rough but better idea of their financial status, she added, which could prove useful to tenants sharing the rent.
A budget could also show how much expendable income is left over at the end of every month to be put towards clothes or entertainment.
Britons looking for flats to rent in Notting Hill or another part of London may find the advice useful if they are planning to share their new home with others.
Research by the Financial Services Authority recently found that 14 per cent of Britons do not keep track of their spending habits at all.
Written by Ben Carter
Published 23rd December, 2009
© 2009 Estates IT Limited
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Households can better manage their finances if they take the time to formulate a budget, one sector commentator has claimed - in news which may prove useful to people renting a home together.