It’s no secret that the majority of people hate budgeting – and we can see why! Who wants to spend an hour of their free time mulling over their finances? Unfortunately it is vitally important in order to keep your finances in order and keep some control over your spending.
Creating a budget will not only give you an idea of where your money goes but also allows you to plan your future and even highlight where you could save money by reducing wasteful purchases. Here’s our guide on how to create a monthly budget, including some money saving tips:
Gather as much financial data as possible
This includes three or four of your most recent bank statements, utility bills, investment accounts and any other documentation showing income and outgoings. The aim of this is to take a monthly average- so the more months’ worth of documentation you have the more accurate representation you will get.Continue Reading