How to Budget

Hello Lovlies,

Now I know with the new year here everyone setes themselves goals and resolutions. Most of them are light hearted fun things like see friends more or spend less time online. But for those resolutions that will cost money you need to know how to budget depending on what you're monthly income and expenses are. Here is how I am going to budget myself for the new year.

I like to pay everything at the end of the month but get paid weekly so what I do is total up how much my bills come to and divide it by 4, then I make sure I save that much every week to have the total at the end of the month. If the number is uneven or has pennies and isn't a whole number than I round it up to the nearest whole. For instance, if I needed to save £66.50 a week than I would round it up to £67 if I didn't do many hours in the week. Or if I got paid a decent amount I would round it up to £70. It just means that week by week I'm saving a little extra, and the pennies add up so after 16 weeks if I save £70 a week I will have enough saved for 1 weeks worth of saving. If you understnad my train of thought.

So, with my weekly budget covered to pay for the bills. Whatever I have left is for me. I always make sure I save a decent amount depending on how much I get paid a week. I have two Instant access savings accounts. One is for holiday savings so every pound that can go in there the better. And the other is for emergencies. It's the account that I put money into to cover my back if ever I need to. I also have a Life savings account that will hopefully one day come in to play when I need a deposit or children.  I find having places where you can move your money to where you can see the amount seperated is a lot more helpful than trying to figure it all out from one number in one account.

If you write everything down and try to stick to the plan you create as much as you can, hopefully you should be able to pay off all your bills, save for something good and have some money for yourself when you need too.

I hope this is helpful to you and you can sort some things out ready to enjoy the new year.

Let me know in the comments below.

Thank you x