Managing your money properly is a key factor in allowing people to enjoy a happy and contented lifestyle.
Establishing a budget plan requires a bit of time, but the satisfaction of knowing your finances are in order is well worth the effort.
Read on to find out our top tips for creating a successful budget plan.
Where to begin?
Make a list of all of your outgoings and see if you can make any savings. Shop around for the best deals on utility bills and look at your spending on food and household items to identify if you can save any money.
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Automate your finances so your priority outgoings are covered on time, make sure you invest a portion of your income and try to build a savings pot.
Set a budget you can stick to
Splitting your household income into different sections will help you keep your budget plan on track. There are numerous ways to do this, but as a rule of thumb you are looking at three key areas – essential expenses, lifestyle expenses and savings/investments.
Half of your income should be spent on your essential expenses such as mortgage, food and utility bills, with another 35% allocated to items such as your car, internet and mobile costs. The other 15% should be put towards savings and investments.
This method ensures all bases are covered and gives you the peace of mind to enjoy your day-to-day life.
Monitor your budget
Having established your budget, it’s important that you remember to monitor to track how it’s performing.
Online banking systems allow you to monitor your income and expenditure, while there are numerous money management apps designed to take the stress out of managing your finances.
If you’re more of a traditionalist, jot everything down in a notebook or use computer spreadsheets to keep on top of your budget.
Your budget plan is designed to manage your finances in the here and now, but don’t lose sight of opportunities to make changes.
Keep an eye on potential savings amongst your key outgoings and look for areas you can boost your income elsewhere. If you have a full-time job don’t miss out on overtime if it’s offered to you and consider supplementing your income through activities away from your normal employment.
Setting up a financial budget plan reduces the pressure many households are under and allows people to focus on the more enjoyable aspects of their lives.
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