Budgeting for beginners - don't pick your own wallet by failing to budget.

Budgeting for beginners

Failing to budget can be like leaving your wallet open to pickpockets – except you’re the pickpocket.
Perhaps budgeting could be your money saviour.

Stacks of coins - a few to many
Allocate your money carefully – be a master at budgeting.

Budgeting can be a difficult and daunting task, especially for those who are new to the process. Budgeting for beginners will help you get started, Find out more by contacting Chris – Click Here

However, by following a few simple tips, budgeting can be made much easier.

One of the most important aspects of budgeting is to track your spending. This can be done by writing down all of your expenses, or by using a budgeting app or website.  By tracking your spending, you will be able to see where your money is going and where you can cut back.

Another important tip is to create a realistic budget. This means taking into account your income and all of your regular expenses.

Be sure to account for both fixed and variable expenses, such as savings, mortgage or rent, utilities, groceries, and entertainment.

Once you have created your budget, stick to it as much as possible. This can be difficult, but it is important to stay on track. If you find yourself slipping, don’t be discouraged. Just get back on track and continue following your budget. Everyone has unexpected expenses and sometimes windfall income.

Here are a few things you can do to make it easier. Check that your budget is realistic, and try to automate your finances so you don’t have to think about it as much. You can also use cash instead of credit, and make sure you have a plan for your money.

If you find you can’t to stick to your budget, you may need to review and change it – allow some flexibility if you can. Looking at your income and expenses to consider how you can increase your income or available cash and where you can cut back your spending. If you are still having trouble, you may need to seek help from an accountant or financial advisor. (I can help – 50 years experience as a professional accountant and businessman).

Budgeting may not be easy, but by following these tips, you can make the process much simpler.

Allocate your income and spending into budget categories, for example –

  • Income and resources
  • Expenses –
    Vital (Savings, Housing, Food, Medical …)
    Necessities (Transport, Clothing, Utilities, Insurances, Education …)
    Lifestyle (Recreation, Entertainment, Gifts, Pets …)

As a final thought perhaps you should consider your money mindset and check your feelings and beliefs about money. How do you refer to money in your mind and publicly? Are you tidy or messy with it? Can you hold a $50 for weeks but spend it all in a rush when you needed to crack it for a $2 or $3 purchase? If you find you’re a little less disciplined than you thought then maybe you could benefit from some mindset work.

Would you like some help with any of this? Click Here to contact Chris for information about Budgeting for beginners.

Join the FaceBook page – Here for budgeting and other lifestyle and business information and discussion.

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