Budgeting

A budget shows you if you are spending more or less than you can afford. It allows you to direct your money to where it matters most, so you can stay on top of your bills and start putting money towards your future.

It is helpful to look at the money going in and out across a whole year. Include regular payments such as your phone and utility bills, medical expenses, car registration or public transport.

To work out your spending priorities, think about what your essential expenses are (e.g. rent, groceries, petrol), and which things you could do without, or cut back on, if you need to save money (e.g. entertainment, takeaway deliveries, streaming services).

It can be helpful to use an app or website to work out your budget, we recommend Budget planner (opens an external link).

To stick to your budget, it’s important to keep track of your spending. Overspending can lead to a debt spiral and cause you a lot of financial stress, now and in the future.

The easiest way to track your spending is to have an app on your phone. Search for the best application that suits your need - some applications sync to your bank account, others allow you to add your spending manually. Check if your bank app allows you to track your spending.

You can find some great tips on the following web pages: