Sticking to a budget can be an incredibly difficult thing to do, especially if you haven’t had a good relationship with money in the past. With so many temptations and reasons to spend your money before budgeting, most of the time it gets forgotten. Whilst in some cases this is okay, it can lead to poor money management and issues with credit and debt. With that in mind, here are a couple of pointers for setting a budget and sticking to it:
– Consider Absolutely Every Single Incoming And Outgoing You Have
When setting your budget you need to consider every single incoming and outgoing you have. Whilst your incomings will probably be quite a short list, your outgoings are going to be considerably long. Consider all of the bills you have, what you spend on average on food and leisure activities. It is also important to track how much money you think you’re going to spend on clothes and non-essentials, as this will give you the best possible idea of what you’re going to have left at the end of each month.
– Keep Track On A Monthly Spreadsheet
Once you have worked out all of your incomings and outgoings, you will need a place to clearly track them. The best solution is a spreadsheet. Whilst it may seem complicated at first, having everything tracked in a spreadsheet is the clearest possible way to glance at your finances on a hole, as well as go into detail about each and every aspect of your life. You will easily be able to update it and make necessary amendments should anything change. For tips and tricks on creating a budget spreadsheet, you can visit this site here.
– Set Yourself Financial Goals
Setting financial goals is a great way to encourage yourself to budget and save. Whether your goal is to stick to your budget for six months in a row or to save £500 in a year – having these goals will give you a clear focus. For more information on setting financial goals, you can visit this site here.
– Use An App To Help You Keep Track On The Go
If you want to track every single transaction you make, there are lots of different apps and bank accounts that are designed to help you manage your money better. With the option to set your own budgets, see exactly what you’re spending and automatically send money to savings, these are a great option for those that want to budget with absolutely zero effort.
– Consider All Of Your Options
When it comes to budgeting and saving money it’s important that you’re considering all of your options. Whilst you may feel as though you’re trapped in a never ending circle of debt, that definitely isn’t the case. Think about whether you can home refinance, consolidate your debt or take on a guarantor loan in order to help bring your overall costs and debt down.