Graham Allen urges local councils to take over funds allocations

Effective management of finances is something we can all appreciate.

09:25 09 July 2013

Graham Allen has urged local councils to take responsibility for funding allocations. We can probably sympathize with the sentiment to take control of the finances that immediately affect us, like expenses, obtaining loans, and the general cost of living. It is unclear at the moment just how things would change if councils managed funding allocations, but we could probably assume that local councils would know how to best use the funding.

Here are a few ideas to help you make sure your finances are used effectively.

 

• Tools—one of the best tools to use for keeping track of your finances so you can figure out if you’re using them in the best manner is to create a spreadsheet. If you don’t like using spreadsheets, or are unfamiliar with them, you can choose from a number of software programmes that can assist you with keeping track of everything, or even some apps that make budgeting easy.

 

• Reduction—occasionally we may run into situations that require us to scale back our expenses. Most of the time those situations are temporary but you can probably get over a minor hurdle by paring down expenses so you’re only paying for what you absolutely need. Doing that for even just a small amount of time means your finances have a better chance to recover.

 

• Savings—to maximize the effectiveness of your funds, you’ll probably want to start a savings account. If you don’t have the finances available to do so, see if you can make a few changes so you have a little bit available to save in the event of an emergency.

 

• Debt-free—many of us have acquired debt in some form or another. You can use your funds effectively by reducing the amount of debt that you own.  Your finances will improve once you have at least one bill paid off completely.