Understanding Your Financial Situation: Income and Expenses
As the new school year approaches, it's time to assess your financial situation. According to an annual survey by Familles de France, the cost for a student entering 6th grade is over 210 euros. But that's not all; unexpected expenses like tax payments can add up. This year, 13 million taxpayers are still due an average of 1,700 euros in income tax, and property owners have to pay their property tax in October. September can be a financially demanding month.
To pinpoint financial issues, a practical method is to review your bank account by examining your last three bank statements. This helps to:
- Identify recurring expenses (rent, loans, insurance);
- Spot overly expensive subscriptions, like phone and TV plans;
- Evaluate small, frequent expenses that can be avoided;
- Be aware of banking incident fees that may impact your budget.
Watch Out for Overdraft and Banking Fees!
Banking incident fees can be costly! Intervention fees, for example, can reach 8 euros per transaction, up to 80 euros per month. Set up alerts on your banking app when your balance nears zero. If you face recurring issues, your bank should advise you to consider the Specific Offer for Financially Vulnerable Clients (OCF) at 3 euros per month.
Budget Management: Find Your Method!
After this financial check-up, various budgeting tools can help manage your finances: banking apps, Excel spreadsheets, or tips like the 50/30/20 rule. The goal is to control your spending and create a savings buffer for emergencies. Saving 200 euros monthly, with a 2% return assumption, can build up to nearly 7,500 euros over three years.
2025 School Year: Assistance for Low-Income Families
It's not just about expenses at the start of the school year! The Back-to-School Allowance (ARS) supports families with at least one school-aged child (6-18 years) whose income is below certain thresholds. The ARS varies by age: 423.48 euros for ages 6-10, 446.85 euros for ages 11-14, and 462.32 euros for ages 15-18. This aid can be combined with college and high school scholarships.
Additionally, the "Pass'Sport" has increased from 50 to 70 euros but is now only available to 14-17-year-olds, excluding the previous 6-13 age group.
For more insights, visit La finance pour tous.
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