Budgeting Tips

Financial Goals

• Set out what you hope to achieve before planning your budget.  Do you want to reduce your debt, save for something special?
• Set your goals with time frames for example, six months, a year, five years, etc.

Create Your Budget

• Work out how you are going to have your budget – will you use a book, a folder or a spreadsheet?
• A good way to start is to begin with 12 columns, one for each month.
• Your row’s will be used for expenses
• Divide your income and expenses into categories.

Track Your Expenses

• List your static expenses (expenses that cost the same each month) for example, rent, mortgage, car repayments, etc
• List your variable expenses (expenses that differ from month to month), for example, groceries, utilities, etc
• Don’t forget to go through your last twelve months of bills for any unexpected expenses to account for such as medical bills, fines, etc.
• Go through your bills and see where you can cut down

Budgeting Tips

• Try to avoid impulse spending.  If you see something that you really want – go away and think about it and check to see that you can afford it first.  It’s all about control
• Be financially organised and pay attention to exactly where your money goes
• Try to stick to your planned budget as best you can
•  Don’t deprive yourself completely

Debt Tips

• List all of the debt that you currently owe and also make a note of the interest rate charged to each.
• Pay as much as you can on the  highest interest rate
• Try to put at least 10% of your income into your savings