IPSA reveals three-year cumulative legal costs

Finances can spiral out of control without capable management.

06:45 03 July 2013

Recent news shows that the Independent Parliamentary Standards Authority (Ipsa) which oversees MP’s expenses paid out £395,717 in legal fees over the course of three years. It’s easy for expenses to pile up without realizing the true amount. That’s why creating a budget for your finances, no matter how unpleasant we may find the task, is essential to being successful.

Here are a few ways you can make budgeting less cumbersome.

• Make things simple—the easier it is to keep track of your finances, the less anxious you’ll feel when it’s time to sit down and reassess how you’re doing. Find a system that works for you such as a software programme or a customized spreadsheet.

 

• File paperwork—making sure that you file important documents as soon as possible will help you track your finances, and also will prevent you from feeling overwhelmed by a stack of papers. The best part of filing right away is that you reduce your stress levels.

 

• Special event—you could make your budgeting time more of a special event. Treat yourself to a special coffee, aromatherapy, or movie. You can make it a time to do something that relaxes you to take some of the stress off of managing finances.

 

• Invite a friend—if you have friends or relatives who live nearby, you could invite them to do their finances at the same time you do and share the expenses of a special takeaway dinner. It sometimes helps to have company when you need a break from crunching numbers.

 

• Stress relievers—you probably don’t need an excuse to purchase any number of stress reliever items that are popular in some corporate settings, but there’s nothing wrong with having some of those fun items at home for moments when you find out bad news about finances, or you’ve just had enough of the budgeting.