How to Create a Budget

The best way to keep on top of your money is to create a budget plan, allowing you to easily track what’s coming in and out, and where you can change things! The new year is the perfect time to finally take control of your expenses and make sure that you are making as many… Read more »

by TshequaWilliams 9 months ago

The best way to keep on top of your money is to create a budget plan, allowing you to easily track what’s coming in and out, and where you can change things! The new year is the perfect time to finally take control of your expenses and make sure that you are making as many savings as possible! Developing a healthy relationship with money from an early stage is vital to ensure that your finances are kept in check now and in the future! Here is a simple guide to help you create a budget and stay within your preferred spending each month.

1. CREATE AN OVERVIEW OF EVERYTHING COMING IN AND OUT FOR THE MONTH

Write down or create a simple spreadsheet which calculates the totals of how much money you have coming in and what bills and expenditure you have going out. Once subtracted, you will have a clear idea of what money you have remaining and how your wages are distributed. This is the foundation of your budget plan as it allows you to see exactly what you’re working with.

2. REVIEW YOUR SPENDING TO SEE IF THERE ARE ANY CHANGES OR SAVINGS YOU COULD MAKE

Once you’ve made your overview, you will be able to recognise where you could be making savings. Spending too much on buying lunch each week or paying for subscriptions you barely use? Figure out if there are things that you could make savings on to reduce your outgoings.

3. IMPLEMENT CHANGES AND FIND WAYS OF SPENDING YOUR MONEY MORE WISELY

There are many ways to reduce the amount of money you spend each week on simple luxuries like the overpriced coffee you grab on your break – easily solved by a reusable cup and a kettle! Everything from shopping around for the best prices on bigger purchases, to making your own lunches for the week, all help you to save on the little things that add up and make a difference!