I’ll admit now, that we don’t always stick to it, but I find that a budget is always something we keep going back to.
A budget makes you feel more in control of your money and knowing what all your outgoing and incoming are.
Creating a budget can initially be a bit of a pain as it involves gathering a lot of information, but it is worth it. You’ll need to know exactly what comes in to your bank account and what goes out. Don’t leave anything out as this will affect the overall outcome.
Whenever I am researching new ways to budget (I’m a fan of Money Saving Expert) I always come across one piece of advise, and that’s to jot down EVERYTHING you spend in a day. If you withdraw cash from an ATM, jot it down. If you buy a paper or a coffee, write it down. How often have you gone through you bank statement and wondered what that £20 you withdrew was for, or gone to your purse and wondered where your money has vanished to?
It is also worth breaking up any payments you may make yearly, for example, MOT and Road Tax in to 12 or 52 payments, and put that money in a pot so when the time comes it is there ready and you’re not having to dip in to savings or cutting back elsewhere in your budget.
Budgeting doesn’t have to be hard work. It just takes a bit of planning and time to get in to the habit of keeping and sticking it. It really helps having a visual aide, so you can see all the payments. Sometimes I find that I can lose track of money if I cannot see exactly where it has gone.
An excel spreadsheet or a printed sheet is very useful. Please feel free to download the FREE printable below of the Budget Planner that I use for us.
I have added the Monthly planner that we use, as well as creating a Weekly planner – for those who are weekly paid and so may budget slightly differently.
Do you have any top Budgeting tips? I’d love to hear how you do it!!