Everyone is feeling the squeeze this year, and reviewing your budget is one of the easiest ways to make a difference to your money. We know no one enjoys budgeting, so we’re making it painless.
Take 10 minutes and follow these 5 steps for budgeting nirvana…
Step 1: The Rewind
Start by getting a handle on things. Take a look at last month’s transactions. There are lots of apps out there that make this really quick and easy to do, like Money Dashboard.
Step 2: The Breakdown
Looking at your transactions, get a rough idea of your fixed costs. These will be regular payments like rent or mortgage payments, bills and council tax. Now take a look to see where the rest of your money is going. Write down how much you’re spending in each category (food shopping, eating out, travel etc.)
Step 3: The Break Up
Where can you cut back that hurts the least? Find one subscription you can live without and cancel it. Now find one purchase you regret (we all have them!) and vow to avoid this next month.
Step 4: The Boost
If you’ve cut back on some spending, put that money straight into a separate savings account or pot. Small changes build up and make a big difference over time, so track your progress and celebrate your wins!
Step 5: The Repeat
Schedule a time in your diary, 1 month from now to repeat this process.
Future you will thank you!
We help answer all your money questions and find clever ways to make you better off, so you can reach whatever goals you’re dreaming of.
The first session is free for everyone!