Managing Your Money
Budgeting made easy
A budget is an easy way to see how much you spend and on what. Working out your budget doesn't have to be a daunting task, it's a simple matter of discovering where your money is going each month and how much you should have left over at the end. All you have to do is add up all your income and subtract your bills and other outgoings.
It's best to work out your budget monthly, even if you are paid weekly, as that is often how most regular bills need to be paid.
Have a look at our online budget planner which will help you work out your income and your day-to-day expenses and help identify any areas where you might need to make changes
Before you start
Having your online account or monthly statement in front of you, or having household bills to hand, can save time, as you won't have to stop half way through to search out amounts and charges.
- Income
Your income is usually your salary from your job and that of your partner or spouse, but it could also include extras such as mortgage interest relief or child benefit. - Outgoings
Your spending will fall into several different categories, from household bills to those that are for leisure. Just be sure to include everything.
Once you've finished
Your budget will give you a quick insight into your finances. If you feel that you need to spend less, or you need to spend differently, here are a few tips to help you do so in a painless way:
- Keep a diary of what you spend and you'll quickly spot what is essential and what you can do without
- Use 365 online or phone banking* to keep an eye on your finances
- Shop around for bargains, you never know where you'll find a better price
- Pay bills by Direct Debit so you'll never miss a payment and incur unnecessary costs
- Make a plan and be definite about what you want your finances to do for you
For a further look at your finances, why not take our financial healthcheck.
*Terms and conditions apply to 365 phone and online services.
This advice is of a general nature and should not be relied on in relation to a specific issue without taking appropriate financial, insurance, investment or other professional advice. All opinions constitute best judgement at the time of publication and are subject to change without notice.