Hit a wall with budgeting? Try these steps to create your own personalised budget plan.
Everyone knows that budgeting is good for you, but why? And more importantly, why can it be hard to stick to one?
If this is you, we're going to help you understand why budgets are not as daunting as they seem and build a budget plan that works for you and your lifestyle. No more cookie cutter templates from Pinterest.
2 main things. Financial awareness and planning.
Have you ever gotten to paying the bills and realised that you have less left over than you thought you'd have? Or wanted to buy a present for someone but having to settle for a cheaper alternative?
Budgets help you to stay on top of what you have so that you can plan ahead and have money for what you want.
Numbers can be scary sometimes, especially those big numbers that you see leave your bank account. Instead, budgets break them down into bite-sized categories so you can see exactly what you're spending without feeling overwhelmed.
When thinking about what type of budget you want to use, here are some questions to ask yourself:
Once you've reflected on those answers, consider these top 3 budgeting methods and decide which one suits you best.
50% Needs - 20% savings - 30% wants. This is good for those who don't want or feel the need to manage each individual category. There's a danger in overspending here, so be sure to have an emergency pot or overestimate your budget.
This is good for those who want to stop overspending. You withdraw a certain amount of cash for certain activities, like shopping, so that you can't spend any more than that. However, it is always best to keep a card on hand in case of any emergencies.
Best for those who have a similar income every month and want to manage all aspects of their finances. Zero-based basically means that all your income is allocated to go out to a certain place (whether for spending or savings).
Now that we've established budget types, let's start creating your budget! First off, what tools should you use?
There are lots of useful tools to help you keep track of, calculate and create your budget, so we picked our favourites for you.
Keeping track of your finances on spreadsheets is probably the first port of call for most people. Tools like Notion have become popular for planning and you can find plenty of budgeting templates from Notion or tips from Notion enthusiasts.
You might be a pen and paper type of person so physical planners or notebooks could become your tool of choice. You can opt for planners with pre-printed templates, undated or plain ones to personalise yourself. However, remember that physical planners will be less forgiving if you make mistakes and run out of space.
If you prefer to keep things digitally, there are many budgeting apps and websites you can use. From apps like Roqqett where you can move money easily between accounts to Wallet (app & web-app) where you can group your data with other people, there's a tool out there for all your needs!
Here are the 6 steps that you can follow to create a budget that fits your needs and goals:
Remember, budgeting is setting yourself up for the long term so don't worry if you don't get the hang of it straight away!
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