Do you find yourself wondering where on earth your money goes each week? If your cash seems to slip through your fingers, you could probably benefit from a budget. It may sound a little scary, but a budget will help you understand where your money goes, help you control and plan for your expenses, and even put some cash away to save for those little extras.
Step 1: Preparing your budget
A great first step to creating a budget is to analyse your spending – take a look at where your cash is going.
Enter your expenses into a budget planner to calculate how much cash you need for a given time period, such as weekly or monthly.
The next step is to add in all the money that you receive or are paid over the time period. This could include your pay from your full-time or part-time job, any casual work, your pension, government benefits and child support payments.
Step 2: Using your budget
To help stay on top of things, it’s a good idea to redo your budget every 3 to 6 months or when there are significant changes to your income or expenses, like getting or losing a job, buying or selling a car or house, or expanding your family.
Step 3: Getting help with your budget
Starting a budget can be a pretty tough task, especially if you’re on a low income or have never done a budget before. But the good news is that once you’ve gotten started the hardest part is done. You’ll find that it does get easier, and you’ll get better at it as you go along. If you’re having trouble getting started, try to get help from a trusted friend who is good with money. Budgeting is a skill that anyone can learn. The more you do it, the easier it will be to stay on top of