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Some Initial Thoughts
Creating and managing a budget isn’t easy - it’s an art
Learning to budget is not just about saving on the weekly shop but your whole finances
Forming a budget is the first step when building a solid financial foundation. The goals of a personal budget are as follows:
- Quickly show your “before expenses” and “after expenses” estimated balance
- Track paid vs pending expenses
- Track upcoming expenses (forecasting)
- Track the amount of money going to each expense - Identify and develop trends to optimize your budget
Keeping the budget simple and building upon it is a great way to get started.
More than 1 in 5 (22.9%) say they make impulsive purchases every week
How to stop impulse buying
Avoid temptation. The best way to stop an impulse purchase? ...
Stop and consider. ...
Create and stick to a budget. ...
Think about your motivations to make an impulse purchase. ...
Limit your cash and credit. ...
Stay off social media. ...
Remind yourself of your goals.
This is a HUGE subject which we’ve broken down into sections which you can visit
Facts About Budgets
weekly grocery bill for a family of 4 in the UK is £99 up from £89 Source ONS
67% of people have a budget – 33% don’t maintain a budget. Source ONS
Average family spend is £451 a year ordering in takeaway food; source familymatters.co.uk
(67%) buy nail care products on a monthly basis. Average person spends £450 a year and has 24 nail manicures
annual, average household spends £915 on alcohol. £18 a week
The average household imagines they’re spending £29 on subscription fees per month, which is only 19.5% of the average £149 per month they are actually spending. Source idea home.
The average person in the UK is spending almost £4,500 on their looks throughout the year. Source TotallyMoney.com
Leeds average £7,000. London average £6,300 annually.
In 2019 UK households spent 16% of their budgets on food and non-alcoholic drinks. Another 3% of budgets went to alcohol. Source: ONS
Map out your financial plan
We have done our own 10 step financial planning template you can look at and download. It doesn’t just consider how to do a budget, but gives some tips on how to decide what’s important to you and how to balance the short term immediate issues with looking to the future.
Following this will give you ideas on how to prioritise your spending.
It's not trite stuff about spreadsheets - it considers what's most important to you. We guarantee that following these 10 steps is a realistic way to approach your budgeting and financial life.
See the plan below, with the 10 steps set out under five headings.
Click on any of the tabs on the right to see more information
Tips for doing your budget
There are loads of tips online for doing your family budget – we’ve come up with our favourites in this list:.
We can recommend the 50/30/20 rule, which breaks down your after-tax monthly income into three budget categories:
1. Needs These are expenses that you must pay in order to live and work, such as a mortgage or rent and groceries. They should account for about 50% of your spending.
2. Wants These are expenses that don’t qualify as needs and don’t include your savings and payments toward debt. If you can live and make money without it, it’s probably a want. This should be 30% of your spending. Wants vary widely according to who you are and your situation, so someone's needs are someone else's wants. .For example, if you go to the gym as part of your training for your career as an athlete the costs are needs, but if it's to keep trim it’s a want.
3. Savings and debt repayment This category includes expenses that help your future self and should account for 20% of your income. Use this category for building an emergency fund and setting aside money for retirement.As for debts, focus first on high priority debt you may have, such as high-interest credit card or other loans (see DebtDrive). This category could also include payments beyond the minimum balances on lower-rate debts, like a mortgage. (See DebtDrive to see the difference between good and bad debt.)
Click on any of the tabs on the right to see more information
What are the main reasons we impulse buy?
Enjoyment, we tend to pick up things that make us happy.
Spending on children who you feel may deserve a treat.
Short term injection of pleasure when feeling depressed.
Thinking you've spotted a bargain.
The need to stockpile.
Simple tips help you avoid impulse buying instore and online
Time Out! Come across something that you would like to buy?
Shop with a list
Don't buy for the wrong reasons.
Use cash instead of credit card.
Don't shop when upset.
Give yourself a no-spending challenge
Don’t Shop when hungry or drunk
Spend within budget.
Avoid online spending whilst intoxicated, you will always regret it.
Unsubscribe from retail newsletters, mailers and special deals
Think about the last purchase you regret
Try selling some of your old junk
A surprising number of common household waste items are being sold online. The most valuable individual items we've seen are empty perfume bottles, with some selling for as much as £37 each, though about £2-£5 is more typical.
Become a switcherholic
Less than 50% of people change house, car, contents, credit cards, mobile and internet contracts every year. Most people do not get into the habit of switching their may suppliers every year. Statistically people switch every 3 to 4 years because they cannot be bothered..
One of the main reasons for not switching is because it is seen as a chore with 43 per cent of over 24-year-olds saying it is a hassle – a figure which rises to 55 per cent amongst 18 to 24-year-olds. This is money.com
To go to the Money Helper (formerly Money Advice Service) Budget Planner, click the button below. For the others, go to ‘More Info’ below.
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Martin Lewis on budgeting
This video from Martin Lewis explains what’s needed to do a budget in real terms – allows you to set up a budget. Note you can download the Excel spreadsheet used at the bottom of this page!!
Budgeting for Beginners
This video from Elena Taber describes her favourite apps and tips in a modern view of budgeting,
Budgeting for Beginners
It doesn’t matter what stage you’re at – it’s important to be the best you can be. At the end of the day it’s about taking personal responsibility – You Drive!
It’s really your choice. You can find out more information about the subject, or see other institutions that can help by going to Support. There you will find organisations, training, coaching, self-help courses and other items to support your personal change. We have also started developing a panel of experts to provide info, advice, help and support.
There are times when you need some help to meet your aims – a helping hand. That might be an organisation that can provide you with some help, some specialised information or support, or just getting some background reading material.
You can see these by clicking the Support button here. Some products or services contain affiliate links and we may receive a commission for purchases made through these links
We are compiling a list of experts who can provide advice, help or specialised services. You will be able to access these experts from anywhere on our site you see our ‘Experts’ symbol. Click the green E to see what our Experts list will look like, with a couple of imaginary ‘experts’ added!
Scroll down to see more information on this Drive.
If you register you can also download reports, white papers, quizzes and other collaterals. We will never ask you for any financial information, and we’ll only send you the information you want. You can register for our site either above or in the footer below. You can provide your own questions and experiences in order to help other members. We only moderate for spam and inflammatory language – see our moderation policy.
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How to budget and manage your money
Financial Planning Book for Beginners. How to Save Money Faster, Pay Off Debt and Control Your Finances: 1 (Smart Personal Money Management Series Book)
Do you want to learn how to manage your money better?
Perpetually broke – living beyond your income
What they didn’t teach you in School, how to Manage your Money, Pay off Debts, get a Money Makeover and … Prosperity by 40 (Personal Finance Wizard)
Do you want to discover devastatingly effective secrets for MONEY MANAGEMENT, basic PERSONAL FINANCE and HOW TO BUDGET?
The RICH Method
The definitive guide to getting money and success. Reduce your expenses, clear your debts, learn to save and invest, and reach your financial freedom
Have you ever wondered what rich people did to get where they are?
Grandpa’s Fortune Fables
Fun stories to teach kids about money
The Money Book That Adults Wish They Had Read As A Child.
This free 10 week plan from Money Helper helps you build confidence to manage your money.
Use the Money Helper budget planner to plan your budget
StepChange the leading debt charity have a section on budgeting – why it’s important, how to make an income and expenditure statement if you need one and how to manage your budget.
If you want an app to help you budget, see the list of the 6 best personal finance apps of 2022 at Investopedia
There’s a template for budgeting from StepChange, the Debt Charity – in Excel so you can enter your own numbers
There’s a template for budgeting from StepChange, the Debt Charity – in PDF format so you can print and enter your own numbers manually
There’s a template for budgeting from MoneySavingInspiration in Excel
There’s a template in Excel you can use from MoneySavingExpert for setting up your budget