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Set smarter budgets and stay in control of your money.
Budgeting is about creating a plan to manage and spend your money. Let’s look at mindful budgeting basics below:
Know why you’re budgeting. Whether it’s debt reduction, saving, or controlling spending, knowing your purpose keeps you motivated. Introduce helpful tools or apps for managing finances. Write down income and expenses. Track your income sources and all expenses. Awareness is key to effective budgeting.
Assign 50% of your income to needs (like housing and groceries), 30% to wants, and 20% to savings.
Open up about the spending woes or savings worries to your friends and family.
Focus on high-interest debts first. Snowball or avalanche method—pick what works for you.
Give every euro a job to do. In other words, use every bit of money you make each month to pay for every bit of your outgoings for the next month, including savings.
Set aside funds for emergencies. An emergency fund is a money buffer that creates piece of mind.
Consistency matters. Make budgeting a routine.
Explore apps or spreadsheets to simplify tracking and categorising expenses. Check out our budget planner to get started.
Life changes and so should your budget. Review and adapt as needed. Consistency matters. Make budgeting a routine.
The 50/30/20 rule is a simple way of managing your money.
The rule says that you should spend 50% of your income, after you’ve paid tax, on your ‘needs’, 30% on your ‘wants’ and 20% on your savings. Let’s break that down.
Spend 50% of your income on things that you need like mortgage or rent, food, energy bills, travel, and medicines. These are necessary expenses we all must cover.
Wants are non-essential items that make life enjoyable, like entertainment, fancy clothes, dining out, and trips. Aim to spend no more than 30% of your income on these.
You might want to save money for a car, a deposit on a home, or a holiday. Alternatively, you might use this money to reduce a debt or to build up a ‘rainy day’ fund for unexpected expenses.
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