How to budget in 5 easy steps
Do you always feel like your money disappears?
Do you get to the end of the month and think where did all my money go?
This often happens to some of us if we’re not careful. If you’re feeling like this, it might be worth sitting down and working out your budget. Whatever is left over is probably what you’re spending without realising. This can be quite scary to do but once you get in the habit of doing so you will soon find your money goes further!
All you need to do is fill in the table below. You can do this weekly or monthly it’s up to you.
It’s important when you write on it to be honest and precise.
Step 1: What do you Earn?
Step 2: What do you Spend?
Step 3: Check your results
To check your result, you need to subtract your total spend from your total income.
Step 4: Understanding your result
Step 5: Top tips for improvement
Look at some tips to give you an idea how to improve your budgeting skills:
- Are you paying more than £25 for your internet?
- Do you need that sky package?
- Have you compared your gas and electric? Have you got a smart meter?
- Can you save £5 a week on your food bill by switching some products?
- Are you conscious about how much water you waste and therefore could save on your bills?
- Could you cut down on smoking by half?
- Are you using that membership or subscription? Is there a better deal?
- If your buying bus or train fare have you looked at a weekly pass? Have you looked online to pre book train tickets for cheaper? Could you get a discount?
Conclusion
Well done, you have made it! You should now know your monthly budget along with our top tips to help you save some money along the way! Try and complete this exercise every month to get into a habit and make your money go further!
For additional information, head to the MoneySavingExpert website or talk to your support worker.
Click to Download and fill in the table. You can do this weekly or monthly it’s up to you.
It’s important when you write on it to be honest and precise
