New year, new... budget?
It’s 2010! Time to get to grips with your spending.
If, like me, you’ve never been organised enough to sort out your outgoings, the new year is a perfect opportunity to take control of your spending. Here are a few great resources to help you to find out exactly where your money is going… and the best thing is: they are all free!
• The Money Basics Spendometer is a mobile phone application that you can download for free from the Credit Action website. It’s a really simple way of keeping track of your day-to-day spending habits and it gives you categorised weekly or monthly reports. All you have to do is type in the numbers. Much easier than having to take a notepad, pen and calculator everywhere!
• Download and print a free personal budget sheet off the internet (and don’t forget to fill it in!). Using a template is easier than starting your own from scratch, and even if some of the categories aren’t relevant to your personal circumstances you can adapt it to suit your needs. You can find a brilliant budget sheet on the Care for the Family website.
It can be easy to under-estimate how much you spend on stuff, so it’s worth going through a few bank statements (on paper or online) to get an idea of your real outgoings before filling in each section. Keep reviewing your budget and update it each month to give a fuller picture of your actual spending habits.
• Cash for a Month is a great way to work out what you really need to spend your money on. Leave your cards at home, draw out a fixed weekly amount and use cash when you’re out and about. It’s amazing to see how much you can save without your card handy (to find out more, read a Cash for a Month diary here).
• If you’ve already worked out what you’re spending money on, you can use the Money Basics Budget Calculator to work out any projected goals you may have. (For example, how long it will take you to save up five grand!) Setting goals for your savings can help to keep you motivated as you try to stick to your budget. Just think, a few months of being financially organised could result in a lovely sunny holiday somewhere!
• If you want a helping hand setting a budget, why not find out if there is a CAP Money course in your area? CAP Money is a short but comprehensive money management course giving you the tools to help you to stay in control of your finances.
So why not take some time to work out just where your cash is going… you may be surprised to see just how much you can save!
Written by Lindsey Sisk. Posted on 27th January.
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