Are you an avid budgeter or are you flying by the seat of your pants when it comes to debt repayments? With recent reports of average UK debt climbing and millions of us struggling to pay off household bills, it’s clear that trying to organise our finances can be tricky.
As well as the regular outgoings such as utility bills, money for the mortgage, loans and credit cards, we also have Christmas coming up. To keep on top of where our pennies and pounds are going, savvy budgeting is essential. If you’re looking for ways to stay on top of your funds, here are some ideas to help get organised.
Have a Goal
Before you can start taking charge of your money, knowing what you’re working towards can help to focus the mind. Make sure your goals are realistic, though. It may not be possible to have a debt-free Christmas this year, as you aren’t giving yourself a lot of time but setting the goal for next Christmas allows a longer period to plan and meet realistic targets along the way.
Similarly, if you want to travel next year, it can be done – but the destinations you’ll be visiting may not be the ones you’d be heading to if you gave yourself a little longer to save. Additionally, should you want to buy a house or retire early, these are larger goals that will take work and time.
So, think of your short-term, doable financial goals and then your longer-term ones that may take a little longer to reach. With the right plan in place, you can achieve them.
Brilliant Budgeting
Once you know what you want to achieve, you can create a budget. Whether you use a journal to jot this down or an app such as Mint or You Need a Budget, you’ll find that by clearly planning your incomings and outgoings, you can see where you are and what you need to do to get to where you need to be.
Build a contingency plan into your budget. This will help you plan for unexpected bills, such as car repairs and broken boilers.
Also, it’s important to stick to your budget. If you stop keeping track of your finances, you could start to slip into debt. Be firm with what you are spending.
Quick Saving Tips
– Start Staying In
Going out for dinner and drinks is good fun, but the spending soon adds up. Cook at home instead and you’ll soon see the savings.
– Shop Clever
Look for cheaper alternatives to branded foods, swap to a different supermarket, and shop for house cleaning products at discount stores.
– Start Saving
– Shop for discounts every time you shop by using dealsdaddy.
It’s worth looking for a good savings account where you can start to put the money you’re saving. By regularly topping up the savings account, you’ll soon have money to help cover Christmas or pay off that debt.
If you’re looking at ways to save on your spending, there’s no time like the present. Will you be swapping your nights out for evenings in? Are you going to forego your weekly takeaway? What other tips do you have for saving?
*This is a collaborative post*
Featured image source wutzkohphoto/Shutterstock
