Budgeting Tips
Budgeting can be hard but with some sensible guidance it doesn’t have to be a chore.
Get to grips with what’s coming in and going out
Whist budgeting your finances seems like a chore, it doesn’t have to be – effective budgeting means you can get on top of your finances and even start to save for things that you want.
Here are a few tips on budgeting your monthly finances:
– Work out your income and expenditure: Before you can start budgeting, you need to know how much money you have coming in each month and where it all goes. Track your spending for a month or two to get an idea of where your money goes and what are your regular expenses.
– Create a budget: Once you know how much money you have to work with each month, budget it out. This could mean allocating a certain amount for bills, rent, groceries, and then budgeting the rest for things like entertainment, clothing or travel.
– Stick to your budget: The key to budgeting is to be strict with yourself and to stick to your budget each month. This might take a bit of organisation and self-control in the beginning, but over time it will become second nature.
– Make savings a priority: One of the benefits of budgeting is that you can start to save for things that you want. This could be a holiday, a new car or a deposit on a house. Put some money aside each month into a savings account so you can start working towards your financial goals.
– Review your budget regularly: Your budget should be flexible and you should review it regularly to make sure it’s still working for you. Things like pay rises, changes in your expenditure or unexpected bills can all impact your budget, so it’s important to keep on top of it.
By following these tips, budgeting your monthly finances will become easier and you’ll be able to take control of your money.
Budgeting Tips
What can I use to track my finances?
It doesn’t have to be overly complicated, use a simple Excel spreadsheet to effectively manage your finances.
My outgoings are more than what's coming in, what can I do?
If this is the case then you may want to consider speaking to your creditors to try and get a more realistic payment plan in place. You could also speak with debt specialists like Stepchange for clear, independent advice.
How long should I budget for?
You need to stick to your budget as tightly as possible for as long as is needed – after a month or so you start saving and budgeting without even thinking about it
Do I need to budget?
If you find yourself running out of money mid way through the month then the answer is likely yes, you do! You’ll find it a big help in turning your finances around.
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