A Personal Budget isn’t just for New Year

13 January 2022

New Year Resolution or Good Habit?

This year will be tough financially energy and predicted price inflation will have an impact on your personal budget.

Setting and monitoring progress will avoid overspend and help avoid possible financial stress and complications.

Firstly a gift. A professionally produced Personal Budget spreadsheet, complete with full instructions, colour charts and formulas to show actual spend and income. Click here to register your interest. Use this alongside the steps below to give you an accurate model of your expenses, income and balance, either positive or negative. Change payments to see the yearly and monthly outcomes change.

So, what steps can you take to ensure that you’re on track with your Personal Finances?

  1. Track your spending. Keep track of your spending as you go. There are several apps available to enable you to do this. Bank statements are a good way to review the details, but they can be a few days behind. The memory may fade while revisiting these, so live tracking is best. Keep receipts for each cash transaction wherever possible.
  2. Set aside a regular time each month for a review of your finances. Become a professional budgeter in your household. We all try to save a few pennies and pounds in our spending; use comparison sites, check shopping prices etc, but rarely remember where we spend our hard-earned cash. Becoming a habit is strongly recommended and you’ll see the benefits as quick wins.
  3. Update your budget if necessary. A trend will appear before too long, showing whether you have been generous, understated, or ideally a Goldilocks Just right. Above all, be honest with yourself nobody is marking your work and you’ll see the fruits of your labour in just a couple of reviews.
  4. Involve your family. It’s never too early to involve children in financial matters and tailoring the learning to their age is so much fun. Demonstrating processes and the value of money will help develop a good family relationship and an understanding of the ‘bank of mum and dad’!
  5. Seek independent accountability. Old habits die hard, and sometimes outside support may be a good way of keeping to goals. This can be particularly relevant for couples who may not have the same spending habits.
  6. Bring fun and light to the process. The whole budgeting process can be scary and probably not top of your list, but there are many ways to set a reward for a treat after each monthly session. They don’t need to cost either, and there are some thoughts here. 1 2

The long-term value of keeping your finances up to date comes from seeing the improvements in your spending habits and ultimately knowing how much money is in your bank account and being in control.

We can help you keep in control and to develop your Personal Budget. All it takes is quick call or filling in the contact form below and we’ll be happy to support your planning.For a complimentary Discovery Call to discuss the most appropriate level of support, a personalised quote and a guarantee of our best possible service, please complete the form below and one of our senior advisors will contact you.

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