A budget is a simple way to make sure that the demands you place on your income can be met. A budget is an itemized summary of probable expenses and income for a given period. It is a plan for saving and spending.
There are some simple things to bear in mind when you start to look at your income and spending.
List all income to your house
List all bills you have to pay
Count all spending even bills or expenditure that only occur occasionally entertainments cost etc
Include the costs of special occasion; Christmas, birthday and so on.
View MABS pre designed budget sheet http://www.mabs.ie/process/calcguide.html
Managing Your Money
- MINIMIZE number and usage of credit cards
- PLAN how to spend your money before you get it. When money for any budget category is gone, stop spending in that category.
- In regards to STUDENT LOANS, the longer you borrow money, the more interest you will pay.
- KEEP a list of your goals to remind yourself why you don’t want to overspend.
- Discover/define your financial situation and identify your objectives
- It is vital that you PLAN AHEAD with money
- BE REALISTIC and HONEST in your plans-not always easy!
- PRIORITISE your needs in your budget
- ANTICIPATE the unusual and even the unexpected-it will happen!
- Don’t leave yourself short but do LIMIT YOURSELF!
Examine your ATTITUDE! Consider budgeting as a reward system, not a deprivation system