Budget! Budget! Budget!

So….all my friends and family think im pretty thrifty when It comes to looking after those hard earned pennies every month!

I have a spreadsheet that I use religiously, its pretty much the first thing I do when I get to work, even before the first coffee of the day! I update my costs.

I will look at my available balance online and check off any direct debits and standing orders that have come out on that particular day, similiarly, any purchases I have made will be logged.

So, lets get started in what I would advise to anyone who struggles to make it to the end of the month before blowing all their monthly wage! Note. I can send the spreadsheet I use to anyone who wishes to make a small donation to me!

  1. Firstly. Start with your wage figure – Easy! Bear with me. (This is obviously a little tricky if your wage fluctuates each month).
  2. Make a note of any other incomings you may have*.
  3. Add 1 and 2 together, this is your starting point.
  4. Now make a note (in date order) of all monthly outgoings. Be it; mortgage, rent, utility bills, insurance, car finance, credit cards payments, phone bill, fuel, gym memberships etc etc
  5. Deduct Figure number 4, from number 3.
  6. You now have your disposal income for the month.
  7. I now break this figure down further, I will make a note of any costs which may just be applicable that one month, it maybe someone’s birthday, or you may need a hair cut etc.
  8. Now, give yourself a weekly spending allowance, again this may fluctuate if you have a big night out planned one weekend for example.

SCREENSHOT of said spreadsheet below;

  • The key to this whole budgeting lark is DISCIPLINE, I ensure that I stick to my weekly spending allowance, and like I said previously, I update on a daily basis.

By this, I mean I will remove a cost that has come out and then adjust my available balance accordingly. Clearly, just because I have £100 (for example) each week to spend it doesn’t mean I do, I may spend more than this, or less. As such, I need to update the spreadsheet.

As mentioned earlier, I am happy to share my spreadsheet for a small fee if you wish to contact me direct, or if you just wish to have a chat and seek any guidance then I am happy to discuss.

I hope you have enjoyed my very first blog, and have found even a small amount of it useful.

*In my next blog I will discuss, how I gain an additional income from betting/gambling. And also, the separate tabs I have for savings/credit cards/Debt.

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