Change accessibility  Google translate  Change contrast   Font size 
 

Google translate Google translate
click to choose
Colour contrast Contrast
default
high
Font size Text size
down
default
up

Creating a budget

Creating a budget allows you to make sense of your money and is a simple way to track your spending.

Creating a budget

Creating a budget allows you to make sense of your money and is a simple way to track your spending.

  1. Identify your ‘why’
    Think about your motivation for creating a budget. Maybe you have debts to clear, or you want to start saving. It’s good to reflect on your reasoning.
  2. Start with the facts
    When you’re creating your budget, the key information you’re going to need is your total income (eg salary) and your fixed expenses (eg rent).
  3. There’s no right or wrong
    Next, move on to your variable expenses. This’ll be a rough estimate of how much you’re going to spend on a certain thing. These can be an estimate as they’ll change month-to-month. There’s no right or wrong – this is your budget.
  4. Keep it simple
    Input this information into a simple budgeting sheet. These can be found online or create your own. It doesn’t need to look fancy, just stick to the basics and keep it simple.
  5. Maintain and analyse
    Now is a good time to analyse to see if you’re able to cut back in any areas. Maintaining the routine of budgeting is a great habit and allows you to have a clear overview.

Menu Clock House Get involved Headset Magnifying Lock Burger menu Close Wrench Wallet Heart Life ring Chevron down Chevron left Chevron right Facebook Twitter Instagram Youtube TikTok Lightbulb People Map pin Blocks List GBP Arrow right Search care Longhurst Group Longhurst Group L & H Homes L & H Homes Friendship Care and Housing Friendship Care and Housing Libra Treasury Libra Treasury Spire Homes Spire Homes Keystone Keystone Axiom Axiom