To many the word 'budget' can be seen to mean spending less but in fact it means spending smarter.
Think of it as a tool that allows you to prioritise your spending to ensure you have enough for the essentials whilst saving for the nice-to-haves.
If you’re short on money every month, there's lots you can do. Setting up and sticking to a budget is the best way to help you meet your needs and stay out of debt.
Use this guide to budgeting to help you get back in control of your money.
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If you have less money coming in than you spend - you need to decide which things to cut back on.
If you have more money coming in than you spend - you could think about putting a bit away for unexpected events.
By getting into the budgeting habit you can quickly work out where you're spending money you don't need to, and where you can make savings.
Setting up and sticking to your budget can take time and a bit of practice but is almost always worth the effort.
Helps you know what you spend your money on
By writing down what you have to, what you want to, and what you actually do spend your money on will help you understand your spending habits. This is the first step in knowing where you can make changes.
Makes sure you spend on the important things
Most of us can't afford to buy everything we want, creating a budget helps you save for the most important things
Gets you ready for unexpected expenses
We all face unexpected events which mean unplanned costs; the car breaks down, you lose your job, you need to take sick leave. By working to a budget you can make sure you save a little every month.
Lets you make smarter choices
Learning good spending habits will help you in the future. It’s not just about cutting back, it’s about making the good choices, shopping around for great deals on things that are important to you.