Successfully Managing Your Personal Budget

Handling your finances, no matter your situation can be tough at times – and let’s be honest, there’s no one-shoe-fits-all method.

However, there are some simple tips you can take to keep your budget in check and manage it day-to-day. Here’s our list of the top 7 things you can do to manage your budget.

 

Outline Your Financial Objectives

 

Write down those short and long-term goals in greater detail. Whether that’s a once-in-a-lifetime holiday, a new home, bedroom furniture, or even retiring early – make a note and then consider them when looking at your budget.

Short-term goals like redecorating, or getting a new car, are easier to achieve but that doesn’t mean they should be on top. Work out what you want most, and work your budget towards them.

 

So, How Do You Do It?

 

How do you manage your budget and finances? Some may choose to write it all down in a notebook to monitor; others may prefer to track their expenditures in a more technical way. Here are just a few ways you can manage your budget successfully and make your money go further.

 

Personal Budget Spreadsheet

 

Managing your ingoings and outgoings over a week, month or even a year can help you to determine what financial situation you’re in. You can start today by inputting all sources of income, as well as your expenses, then create your saving goals, and finally, come up with your budget amounts. It doesn’t have to be complicated, a simple Excel spreadsheet will do the job and help keep you organised!

 

Have Your Budget On Hand

 

What better way to keep on top of your budget than to carry it around with you every day on your mobile phone? Budgeting apps, such as Yolt, Emma, and Plum, allow you to control your budget by reducing costs, tracking savings and investments, and maximising your money through automatic savings. Technology is there to be used, so utilise those free apps and let them do your budgeting for you!

 

Only spend what you have to

 

When it comes to buying what we want, and need, we should all only be paying as much as we have to, so it’s important to find the best deals out there. Online comparison sites (of which there are plenty to choose from) are a great way to make savings on expenses such as car insurance, utilities, and even your mobile phone contract.

 

Weigh up your options

 

Is it necessary to make a big purchase today, when your MOT is due? Do you need a new rug this week, when it would be cheaper to give the old one a good clean? You know what is best for you, and your family, but assessing the options is always a wise idea. If you can spread the cost of a purchase, with no interest, instead of paying out a larger amount in one go – that could help by not leaving you short of funds for necessities.

 

Help’s on hand

 

Alongside those useful apps and all the technology out there, it’s always worth asking another person what their thoughts on budgeting are. You aren’t expected to know everything, so ask others that do – they might have some great tips that you hadn’t even considered.

Saving money, or shifting yourself closer to your financial goals, doesn’t have to be a difficult journey. Remember to invest in yourself, and your future, and keep motivated in moving forward.

 

Our mission here at DivideBuy is all about making life affordable through technology and innovative lending, so if you have any questions please get in touch or check out our FAQ page.

Page last updated: 05 January 2022
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