Have you ever wondered where your money is going after receiving your wages?
Do you find yourself with a negative bank balance soon after your pay day?Making amonthly budget will help you to take control of your money. With a monthly budget you can see where you are spending more and where you are going wrong.
Why Have A Monthly Budget
- With a budget you can control your money.
- You can avoid over the limit or late charges
- You will be able to adjust your spending against your income
- Budgeting will improve your life style, yourself esteem and confidence
- Budgeting can help you to pay off your debts and avoid having them in the first place
How To Make A Budget Work For You
1. Identify your main sources of income. Make a list a your income this could be:
- Salaries/ Wages
- Child Benefits
- Tax Credits
- Any extra income you get
2. Identify your monthly expenses. Make a list of your expenses this could include:
- Rent / Mortgage
- Mobile phone
- Land line Telephone
- Other Expenses
- Monthly Savings (emergency savings, car,wedding )
3. Subtract your total income from your monthly expenses. The amount you will be left with will determine how you should adjust your budget. If you are left with a positive balance it means you are managing you budget well. However you can even achieve a better balance by reducing your spending . If you are left with a negative balance it mean you are spending more than you are earning and not budgeting well.
Evaluate Your Expenses And Make Adjustment.
Look at your expenses and work out where you can spend less or reduce your expenses
1. Rent you could find a cheap house instead of living in an expensive you. If you own a house and you are paying mortgage you could and have a spare room or not using you garage you could rent this out and earn extra money.
2. Electricity and gas consider switching your electricity and gas to another provider use reputable companies such as uSwitch . Before switching might want to read this article 3 Things To Know Before Fixing Your Gas Or ElectricityThis will give a guide about how switching. You could also buy an energy monitor to see where you are using most energy in your house. These are provided by energy providers company at a small charge.British Gasa free energy monitor to its customers.
3.Water install a water meter this will make you save more. You could also ask for a Free water saving kit from your water provider
4. Mobile phonesave money by buying sim-only contract. Evaluate usage for your mobile phone per month and match this with a sim-only contract that suits you.
5. Food cook your own food,spend less money on groceries.
6. Transport walk instead of driving for short distance, share a lif with friend and findways to save money on fuel. If you travel by railfind cheaper ways to travel .
7. Land line Telephone
10. Other Expenses
How To Reduce Your Monthly Spending
Here are some great articles with ways that can help you to improve you budget.
1. 5 Simple Ways To Save On Your Mobile Phone Contract
2. How To Save On Gas And Electricity Bills.
3. Free Water Saving Kit
4. 4 Smart Tips For Saving More On Groceries.
5. How To Save Money On Vegetables.
6. Ways of Saving Money By Cooking You Own Food
7. How To Save Money On Fuel
8. How To Avoid Parking Charges
9. 3 Ways Of Reducing Credit Card Debt Faster
We have manage to draw out monthly budget template which we hope will go a long way in helping you to control your money. Get your FREE copy of Monthly Budget Templateand start taking control of your money.
How To Maintain Your Budget
1. Make sure you follow your budget every month revise it where necessary.
2. Avoid overspending at all cost.
3. Increase your savings as you adjust your budget
4. If your income is less than your spending find other ways of earning more money.
Other Articles You Might Want To Read:
How to Keep a Tight Check on Your Family Finances
Budgeting Tips For One Income Families
Do You know Your Weakness When It Comes To Saving Money?