Once your budget's in place, it's sadly quite easy to lose track of it and switch back to autopilot.
HELP CREATING A BUDGET FREE
Find out more: if you wants to go further the Money Helper Budget Planner tool is a free budget calculator that offers a plce to record your spending, gives you a breakdown of your finances by category and offers personalised tips based on your information.
HELP CREATING A BUDGET HOW TO
Tip: you can keep up with the latest best rates on savings in our guide to how to find the best savings account. Budgeting is about being prepared for things like this, not just maximising your disposable income. It might be tempting to reduce the amount you're putting into savings, but that money will be important if you ever face an unexpected expense such as a home repair or increased bill. In the example above, our budgeter reduced their spending on alcohol, leisure and 'other' to keep their outgoings below their income. We've included multiple forms of income just to show how that would work, but you may well just need to include your monthly salary here (which would be much easier). Here's our example of the 'income' section of a budget. If your main income arrives more frequently, you may prefer to make a weekly or fortnightly budget. In the example below, our budgeter is paid a monthly salary and they do occasional freelance work on the side.
Set aside at least an hour to create your budget. Your data will be processed in accordance with our Privacy policy How to make a budgetįollow the five tips below if you've never budgeted before, or if you're just looking for a financial fresh start. This newsletter delivers free money-related content, along with other information about Which? Group products and services.
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