To put you on the path to building your wealth you need to start saving money. This may mean working out how to find more money. The best way to do this is to set yourself a budget.
Setting a budget is important for everyone no matter your age or how much money you have. It is especially important for people who are struggling to meet their goals or who keep building up debt.
A budget is not about just cutting expenses. It is about finding a good balance between your income and your expenses and deciding what is important to you so that you have money left over to save.
A budget is not a fixed forever plan. You can continue to make adjustments over time until you reach a comfortable outcome and have a good strategy in place that will meet your goals.
There are two sides to a budget:
Go through the following documents to check you have captured all of your income and expenses:
You could also consider keeping a diary to record all your expenses – and don’t forget all the little ones as this is where you can often make some significant savings.
Setting a budget is a simple step but sticking to the budget can be harder.
Below are ten tips for setting a good budget:
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