We have put together the information below so that you:
A budget is a way to help you organise your spending and tells you what money you have coming in (income) and going out (expenditure).
A budget can help to prevent you from getting into debt.
A budget can help you put money aside for things you want.
When you’re planning a budget you will need to know two key pieces of information
Income – what money do you have coming in?
Expenditure – what money do you have going out?
Some income is regular for example: wages from employment or benefit payments
Some income is not always steady or available for example: income from self-employment, car boot sale, or one off payments
1) Shop around, don’t buy stuff on impulse
2) Write a list of what you need before you go to the shop or supermarket
3) Go to the supermarket after 6pm as that is when you can find good deals
4) When buying clothes visit a charity shop first
5) Shop around for gas and electric, switching is a good way to cut your bills
To plan an effective budget, you must be able to balance needs and wants and be able to prioritise within the constraints of your resources
To be able to do this you must be able to understand what you are spending and what the consequences are if you stop paying for something, you can then identify essential expenditure
Shop around – when your utilities/insurance etc. are up for renewal use a comparison site to find the best deal that most suit you
Make a weekly meal planner before you do your shopping
Plan a weekly budget
Make extra and freeze to use on another day
Supermarkets use various strategies to make you buy more. For example supermarkets’ layout is arranged in a way that ‘invite’ you to buy more than you need. Read more here
To get best deal on utilities: