How to budget your money is vital when times are challenging, and when times are good. A budget is a plan for how you will spend your money. It can help you save money and make better financial decisions.
Creating a budget can seem like a hard task, but it doesn’t have to be. This vlog will give you the tools you need to create a budget that works for you. Moreover, I’ll also talk about the benefits of creating and following a budget.
I’m going to outline the practical steps that you can take towards building your own financial story. Building a strong understanding of how money works, and feels is empowering because it helps us make better decisions about our spending habits as well as invest in things like education or retirement planning for ourselves when we need them most!
It may feel daunting at first but by following these easy-to understand instructions with all their helpful tips & tricks will give anyone who puts committed effort into becoming financially savvy enough security not only now, but also down the road
Group your spending
An important first step in How to budget your money is to think about where your money goes, and where you want it to go. Thin in terms of groups, collecting buckets of money flowing out. Once you do that, think of what goes into that group, that collecting bucket. For example, Household is a group, which includes mortgage, rent, utilities, council tax. Check out the example table below that gives you a flavour as to what to do
| 1. HOUSEHOLD |
|---|
| Mortgage |
| Rent |
| Utilities |
| 2. INSURANCES |
| Medical insurance |
| Pet insurance |
| 3. CAR & TRAVEL |
| Fuel |
| Insurance |
| Train ticket |
| Bus Fares |
| 4. LEISURE |
| Retail therapy |
| Home entertainment |
Conclusion
So there you have it, my practical tips on How to budget your money and build your financial story. I hope this was helpful for you. If you want more information or if you have any questions, please be sure to subscribe to my channel so you don’t miss an episode. And until next time, remember that you are in control of your finances and your future. Thank you for watching.
Once you have a budget, and use it, you can start making meaningful decisions and changing your beliefs. You’ll get yourself back to where you want to be, budgeting, saving, and reaching your financial goals.
If you want your numbers to be more accessible and easier, then grab a copy of my book I Hate Numbers. According to one reviewer “This is the best, most straightforward, pragmatic and enjoyable book I’ve ever read on finance for business. It’s a must-read for all entrepreneurs. Your clarity, humour, wisdom and great advice shine through as you make numbers accessible and easy for everyone.”
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