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Save money, set a budget

Okay, so this week I thought I’d talk a little bit about something that I am surprised not everyone does and that is keep a budget. I do a budget for every week and I try and stick to it. It’s not always easy, especially as I love shopping online, but I am trying.

So how do you set up your own budget? Well, I use Excel to do mine, which makes it easier to tot up how much outgoings you have and then take that away from your income. However, you don’t have to use Excel. In fact, when I first moved into my own place I used to do my monthly and weekly budgets on a bit of paper with a pen.

The first thing you need to do when putting together a budget is to write down all your outgoings. Make sure the figures are accurate and that you’re not guessing as you could guess a too little and muck up your budget.

Keep it as simple as possible and try and put a little away each month for unexpected outgoings.

Add up all your outgoings (mortgage, heating bills, food bills, car payments, council tax, union fees, travel expenses, satellite tv, for instance) and jot down the total. I do this on a weekly basis as the bills come off on a weekly basis. I then detract what my weekly overall bill is from the money I have in my account. I check this every day, that way if I go over my budget I know about it and can adjust my bank account.

There’s a very good post on budgeting at the Skint Dad here. He also has a lot of great cheap recipes to make. Have a look at it. His blog is very good if you’re wanting to be better with money.

Dawn

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