Realistic Money Expectations: Building a Budget You Can Stick to With Ease

coins-912719_640The thought of having a budget may not be appealing but it’s a great way to keep track of your spending and to make sure you’re saving for the future. It doesn’t have to be difficult either as you can put together an easy plan that helps you to create a better financial position for you and your family.

Burying your head with your finances will only make the matters escalate. Creating a budget will help you to tackle any debts you may have, reduce the costs of your monthly bills and put aside money so you have funds there for when you need them. For example, if you unexpectedly needed a personal injury lawyer like Truitt Law Offices, you’ll have the money there to take control of the situation.

What Do You Want to Achieve with Your Budget?

Before you start putting together a plan for your budget, think about what it is that you want to achieve financially. Do you want to save for your retirement? Do you want to put money aside for the kids’ school fees? Do you want to try and pay off your outstanding debts?

Having these goals in place will then help you to plan how much you want to save each month. By looking at what your expenses are each month and writing down all of the standard costs (e.g. mortgage repayments) you have as well as the average costs of living (food bills etc.) you’ll be able to see what money you have left over each month.

Allocate some to leisure activities, e.g. shopping and then work out how much you can realistically save each month.

Create a Budget Spreadsheet

Using a spreadsheet to keep track of your budget will make this far easier. Start by placing your income and expenses in separate columns. Go through all of your bank statements and bill records to make sure you haven’t missed anything, allowing for bills that aren’t necessarily coming through on a monthly basis (e.g. electricity charges).

When looking at your bills, see which of them are absolutely necessary and where you could potentially make some changes. For example, if you’re paying for the hottest Sky package on offer and you’re not really using this, why not get rid of it to plunge some of these savings into your retirement fund?

Each month, you can look back at your budget to see where you are and you may even find other ways of making some great savings.

Learning to Adhere to Your Budget

Once you’ve got your budget in place, it’s important that you stick to it. So, if you find that your financial situation is changing, make sure you adapt your budget to suit this. If you are finding that you’re not saving enough, go back to your original plan and see where you can make some cuts. If you can stick to what you’ve put together in your budget plan, you’ll soon find yourself in a better financial position, with more savings behind you and lower debts.

Riley Pollard enjoys writing articles and covers a range of topics that he feels he is knowledgeable in whether that be budgeting or motorcycles! Look out for his name around the web!

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