Budgeting Tips
When estimating your expenditure think of all your costs in terms of wants and needs. Write down all the purchases you would like and expect to make. Be less careful about your actual need at this stage. Then compare it against your likely total income and savings. If you are significantly short of cash, analyse your costs list and start deleting those that can be classified as a want/luxury and not an essential/needed item.
• When estimating expenses think "slightly higher" to account for price rises and unpredictable events.
• Don't forget the once yearly costs such as car registration and course costs.
• Try to save some money towards unexpected medical or dental expenses.
• Check your budget on a monthly basis.
• Create an Excel spreadsheet on a computer to save time, and avoid reworking the figures all the time.
• If you need more cash examine your skills and interests eg. computers, art, crafts, photography, writing etc. Is there any potential for extra income? Do you have any clothes, books, CDs you never use and wouldn't miss if you sold them?
For more tips on how to control your budget, including using a Spending Diary and financial sacrifices, go to our Keeping Track of Your Money section.
top of page