A budget can help you get in control of your finances. It is a plan that helps you identify anticipated income, expenses, and savings on a regular basis.
Budgets also enable individuals to identify the level and importance of their expenses and help us see exactly where our money goes.
It is also important to set and keep in mind your goals while preparing your budget. Contact us to send Young Livin’ your ideas about managing money.
Why do I need to budget?
Making a budget helps you to:
- Reduce stress, by planning and monitoring your spending habits
- Know whether or not you are in control of your finances
- Know how much you have coming in each week or month, and how much you have to spend
- Cut back on unnecessary spending
- Save money
- Use your money to work towards your goals in life
How do I create a budget?
Creating a budget is not difficult, although it may take some concentration, and a bit of work. And you do not need to be a financial or maths genius to do it!
Are you in debt? Click here for debt management advice.
The following tips will help:
- Be honest – Don’t try to skip certain items, or underestimate your spending
- Making a budget involves keeping a regular check on what you are spending. Keep a record of where your money goes. Use the Moneybasics Spendometer to help you keep track of where you money goes, especially for small items like drinks and snacks, magazines and bus fares.
Where can I save money?
There are various ways of saving money throughout the household. One of the biggest expenses in today’s society is mobile phones.
Due to how frequently we are using them, they are far more likely to break and we all know, that it is essential for us to either replace or send them in for a repair service, which can be expensive.
However, these simple tricks should result in your phone being more protected and less likely to be damaged.
Buy a sturdy phone case that is suitable for your phone
There are many benefits that come with purchasing a phone case, however the most obvious is that the case will take on the full force of damage if the device was ever dropped. In addition, it prevents scratches and dents from appearing.
Phone cases come in many different styles, colours and some you can even customise yourself to add your own personal touch. Click here for photo phone covers.