Monday, 30 January 2017

Breaking Down Budgets: Creating a Monthly Budget

Creating a Budget That Works for You

As a woman with a passion for make up, blogging, and meals out, the word "budget" makes my chest feel tight. "Budget" means you can't have those things, you can't go out for nice meals, or buy the nice makeup, and if, like me, you run a blog, a "budget" is one of the biggest restrictions you can be faced with.

Today I thought I'd share with you tips for how I break down my monthly income to ensure that all my bills are paid, I have money each week to live on, and a little left over for the finer things in life. Budgeting for me boils down to one simple principle – don’t get into debt!

// Know Your Bills 

By far the most important part, knowing exactly how much your bills are every month means you can easily work out how much of your income you have left over to spend on weekly living expenses and more fun things! Make savings as and where you need to. 

// Know Your Income 

Knowing what your exact income is on a monthly basis will help you budget every aspect of your finances.

// Know What You Need To Live On 

I set myself a weekly budget for things like food and toiletries, fuel, etc. Anything you need on a weekly basis can be included in this and then stick to that budget like glue. I take mine out in cash and then keep envelopes marked ‘week 1’ and so on so I know I have enough money on me to survive until the next pay day!

// Have a Shopping List!

This might sound silly, but a shopping list of what you need/want every month will stop you just blowing a whole load of money! Once I know how much I have free to spend as I want, I prioritise things that I need, and then if there’s any left over, I’ll pick things I’ve want.

// Be Tough on Yourself & Others

When you live and survive on a tight budget, you simply can’t afford to go out every weekend or go shopping with a friend. Be strict with yourself about only spending what you’ve written down, and if anyone tries to lead you astray from that just be honest and firm with them. If you can’t afford something, you can’t afford it, end of story. Anyone whose been there before will understand completely!

So there we go, how I make a small income last all month and do everything I need to do on a monthly basis. For more expensive necessities, I either save up over a few months, or if I can I’ll pay it in instalments. That being said, I never use an overdraft or credit card. Living with your means is hard work but well worth it to know that all the money you’re spending only needs to be spent once!

Any budgeting tips of your own? Let me know in the comments!

Liv x

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