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

£

Pension

£

Maintenance or child support

£

Jobseeker’s allowance

£

Disability allowance

£

Income / employment support

£

Incapacity benefit / sick pay

£

Child benefits

£

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.