Budgeting

Keep a record of what you spend - budgeting made easy!

Keeping a record of your spending does not need to become a burden. Keeping a budget sheet of your spending can help you to see what money is coming in and where your money is being spent. Once you see it on paper you will be able to see where you may be able to make spending cuts and even start to think about savings.

Follow our useful steps:

1. Set up a basic budget sheet. You can use our handy excel sheet online, or print out a printable version. If you use the online version don’t forget to save a copy on your computer. Budget sheet >>

2. Remember to be honest about your spending, include all the things that you have to pay for.

3. If you are not sure what you are spending your money on, you might find it useful to start keeping records of your spending in a diary. Or keep receipts for all your spending to help you fill out your budget sheet. Try it for a month, you will be surprised to see what you are spending your money on.

4. Don't forget to include all the things you have to pay for on a yearly basis. Calculate them out to a weekly/monthly figure, depending on the frequency of your money coming in. Don’t forget any debt payments you are making either, this includes paying back friends or family for money borrowed.

5. Once you have seen your budget on paper, you should be able to see where you might be overspending in some areas. You should start to ask yourself a few questions about your spending.
- Is what I am spending excessive?
- Is there any ways I can make some savings?
- Should I be claiming for benefits or tax credits?

6. Keep a track of your bank statements. Check that you are not paying for old direct debits that you don’t need anymore and cancel them.

Good money habits
Managing your finances