Spending items can include regular expenses and irregular or once-off expenses. One of the hardest things about making a budget and managing money can be keeping track of what you spend. Working out what you spend: the first step towards managing money You can find many simple, free budget planners online. Budget planners and savings calculators can help you get on top of your family budget and keep track of your spending. People often underestimate how much they spend. For example, energy bills are often higher during winter because of heating.īe sure to include all the ways that money is coming in and going out.Īfter you’ve accounted for essentials and emergencies, your aim is to have money left over to save and spend on things you want. It’s good to look at how some bills are higher at different times of the year. Try to look at enough bills and statements from the past year to understand your usual earning and spending habits. It can help to look at past salary statements, benefit statements, bills, bank statements and credit card statements. One way to start budgeting is to list the: The key to budgeting is sticking to a basic rule – spend less than you earn. Working out how much money you need for everyday essentials like food, housing, utilities like gas, electricity, phone and water, transport and medical services can help you work out how much money you can set aside to cover unexpected expenses, save for the future and buy things you want.īudgeting can help you and your family take the first step towards control of your money.
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