It is coming up to the end of the month and it is a great time to get your budget planned for the coming month so you are ready and prepared on pay-day.
Tips for creating a budget
Bring together all the areas that you need to put money aside for; include your monthly bills like your direct debits which are static, the money you put aside for your less frequent bills, the money that you would like to save this month as well as the money you need for the monthly grocery shopping and any spending money.
Each month I bring together this list and add up the money that I need, I then add up all the money that I know I have coming in. I take this figure away from the total above, if there is money left it gets saved, but if there is a deficit I know I need to adjust the money to come under the monthly money coming in.
It is important that you live within your means; if you over spend you are spending more money than you are making and all though it mightn’t be much, it is more than you can afford. You need to find ways to cut back your spending. Don’t choose areas where you need to pay like bills for essential items, maybe you can cut back on your monthly grocery shopping?
Finding the wiggle room in your budget isn’t always easy but with practice you can manage it.
If you are struggling to find ways that will allow you to balance your budget there are tools that you can use online which can help you. A budget calculator is great at helping you to add up the different categories you need.
The Citizens Advice Bureau is a great place to ask for help in managing your money, they won’t do the work for you but they will help you to get organized or to suggest possible routes.
If you are struggling with money and your bank is not helping, then check out your local credit union to see what they offer, they might have a better option for you in the long-term.
Pulling together a budget
It is not easy if you are struggling with debt to face your budget each month, but if you try to create a budget, with practice it does become easier. The first few attempts might not work fully, but with each try you are learning about your own financial situation and you are trying to deal with them.
You might need help to get your budget under control, but if you start now, sorting out any problems and facing them, make them become easier to manage. The problems won’t go away but learning how to deal with them reduces the stress and fear around your budget.
Therefore, it is a great time to bring together your finances and try to work out a useable budget for next month.