From this amount you will be deducting a fixed amount for food, spending money, gifts and other things a month otherwise usually bids of expenses. You can find out how much this amount should be by looking at how much you have spent on these items over the past three months, and then take an average. You can visit this page today and there you will be having the smartest supports.
Set aside for unforeseen expenses
You may also want to set an amount each month for unforeseen expenses. It is usually the type of expenses that people end up taking out loans because they have not saved up for them. For the washing machine, the dishwasher and the refrigerator end up working sooner or later and then it is always okay that at least not all the money you are going to lend and borrow in the loan market.
You have so much money to pay off every month
Only when you have deducted the cost of living and the amount you have set aside for unforeseen expenses, then you have the amount you really have available each month. It is out of this amount that you will take the installment you will pay off on your loan. Monthly income – Fixed expenses – Cost of living – Allocated money for unforeseen expenses = Your maximum available amount for loan repayments, In other words, the maximum amount your monthly repayment can be. The amount of the monthly repayment on the loan you want to apply for is most often shown in the loan calculator that most online loan providers have on their website. Knowing your maximum available amount in advance can help you more easily secure a loan that is too expensive for you. Also, remember that it may be a good idea not to spend all the money you have available to yourself each month. It will make life unnecessarily sour for you if there is no room for a bit of flexibility in your budget.
The truth is in the bank statements of the bank
One thing is what you should in principle have left to pay off a loan. Something completely different is what you have actually had every month if you look back a year. You can get an overview of this in your online banking. Here you can go into your account withdrawals month by month how much money you had left in the account just before you were paid your salary.
Is the account plus? And by how much?
Or does each month end up with a smaller or larger overdraft on the account, just before the salary comes in? Some banks also offer this overview in the form of a graph that goes back 3 to 12 months in time. We recommend that you go back 12 months and take an average for the whole year. So you add a surplus or deficit every month for one year and divide this amount by 12. The amount you get in that calculation is closer to what you actually have to pay off on a loan than even the most calculated figures in your budget. For one thing, what we have of intentions, another is the reality that strikes us.