Budgeting Basics

For many of us money can often feel like it’s in very short supply. With the costs increasing how can we live within our means but still enjoy a good standard of living.

Budgeting can feel like a huge undertaking but having a realistic perspective on our income and outgoings is vital if we’re going to maintain control of our wallets.

One of the hardest battles to win can be in our heads – Ask yourself the question of the items you bought last month how many of them were because you needed them and how many where purchased because you wanted them. It’s a big difference. So what if others around us seem to have a more lavished lifestyle, maybe they’re in financial denial.

If we undertake regular basic budgeting reviews there is no reason why our lifestyles should suffer.

 

Why budget?

  • To be in control of your finances
  • To not waste money, but get to spend it on things you want to.
  • Essential if you’re trying to recover from a debt problem.

 

What is budgeting?

  • Having a clear idea of the money coming in and the money going out.
  • A spending plan.
  • A key to handling your money responsibly.

 

How to budget?

Very basically:

  • Work out what money is going out and what do you spend it on, make sure to include an adjustment for savings and seasonal costs like birthdays, holidays and Christmas (work out your average yearly spend and divide by 12 to find how much you need to allow - scarily much more than you’d think)
  • What money is coming into your household - wages, child benefit, tax credits, etc.

Now compare the two figures.

Does your spending exceed your income? 

What are you doing with the surplus?

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