Budgeting Ideas for Talk Money Week

Budgeting is an essential tool in managing finances. You can track your income and expenses, save money, and achieve goals. 

This "Talk Money Week", we have listed some budgeting tips to help you:

1) Make a monthly budget

  • List all sources of your income
  • Categorise your expenses, including fixed costs such as rent/mortgage, utilities, and food shopping, as well as some flexible costs such as eating out and entertainment
  • Set a realistic budget for each, making sure that your total expenses are less than your income

2) Keep track of your expenses

  • You can use a budgeting app, spreadsheet, or old-school pen and paper! Doing this will allow you to see how much you are spending and on what. 

3) Keep back some emergency money

  • Be sure to have a backup of funds to cover anything that may go wrong, such as car or household repairs.

4) Prioritise savings and pension

  • Keep a portion of your income for savings and add to your pension if you can afford to.

5) Stop unnecessary payments

  • Review your expenses and look at any areas you can cut back. This could include unused subscriptions or reducing how often you go out to eat.

6) Manage your debt

  • If you have any outstanding debts, be sure to create a plan to pay them off at an affordable rate, and make sure to focus on high-interest debts first. 

7) Set-up direct debits

  • This can prevent late payment fees.

8) Review and adjust regularly

  • To remain on track with your goals, it is important to regularly review your budget, and make changes where needed.

9) Take advantage of high-interest savings accounts

  • There are several banks and building societies that have competitive interest rates which you may benefit from. Make sure to read the T&Cs and get the right account to suit your needs.

10) Seek Professional advice

  • Consider speaking with a financial advisor who can provide personalised advice.

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