![]() Having specific objectives in mind will help guide your budgeting decisions. Do you dream of owning a home? Paying off debt? Enjoying greater financial freedom? Variable expenses might include groceries, gas, and entertainment costs.Īsk yourself what you hope to achieve with your budget. ![]() Fixed expenses include things like rent or mortgage payments, car payments, and utility bills. Identify both your fixed and variable expenses. Now, it's time to look at where your money is going. This will give you a clear understanding of how much money you have coming in each month. Next, calculate your total take-home pay after taxes and other deductions. To streamline the process, consider using budgeting apps or software. ![]() This includes income statements, bank statements, credit card statements, and other relevant financial records. Gather all the necessary documents that provide insight into your financial situation. Get a Clear Picture of Your Finances: Collect All Relevant Documents So, embark on your budgeting adventure with our specially designed tools, but first, let's see what steps you need to take to set a budget. Whether you're a diligent student, an ambitious young professional, a dedicated stay-at-home parent, or even a small business owner taking the brave leap into entrepreneurship, we've got you covered.Įach template in our collection is designed to cater to your unique financial scenarios, ensuring there's a perfect fit for every individual. These templates are easy to use and will help you get started on the right foot.īut that's not all – we understand the diverse needs of our audience. That's why we've put together a list of the 8 best budget plan templates for beginners. They have a Cost of living hub with all the latest information about the help available.In today's whirlwind world, the juggle is real, which makes the skill of planning a budget more important than ever.īut if you're new to budgeting, it can be overwhelming to know where to start. ▪️National Debtline – A charity offering free debt advice to people in the UK. ▪️Welsh Government: Get help with the cost of living – find out what financial support might be available to you, from water, electricity and gas bills, to housing and benefits, to school and higher education. ▪️Turn2Us – a national charity providing practical help to people who are struggling financially. Chat with them online, message on WhatsApp +44 77 0134 2744 or call 08. Cutting through jargon and complexities, explaining what you need to do and how you can do it, putting you in control with free, impartial help that’s quick to find, easy to use and backed by Government. Making your money and pension choices clearer. ▪️MoneyHelper – a free service provided by the Money and Pensions Service. ▪️ Apps and Websites to Help With the Cost of Living – Meic blog We’ll talk through your options and help you find the best path for you going forward. If you’re struggling and need to talk to someone or just have a question you’d like answered, then you can contact Meic anonymously and free by phone, text or instant message from 8am to midnight every day of the year. ▪️Meic – someone that’s always on your side. They also have a Saving For The Future guide for 16-18-year-olds and a Preparing for Independence guide for 14-16-year-olds. ▪️The Family Building Society has created several guides for young people, including this Budgeting Basics guide for 7 to 11-year-olds – it’s never too early to learn. ▪️MoneySavingExpert has lots of information on budgeting on The Budget Planner information page – scroll down to download their free budget planner spreadsheet. You can save your progress and go back to it later. ▪️MoneyHelper has a great Budget Planner tool on their website where you can input all your details. To create a more in-depth budget, then take a look at some available budgeting tools. This is a basic, simple way of looking at your budget. If your total income is less than your total expenditure, then you are spending more than is coming in and risk using up your savings (if you have any) and getting into debt. If your total income is more than your total expenditure, then you know you have enough money to cover all your expenses, and perhaps some left over to go into savings. Add up everything in your income column and make a note of the total at the bottom.Īdd up everything in your expenditure column and make a note of the total at the bottom.
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