Building a Solid Financial Foundation for your Money Plans
Budgeting is for Everyone: Budgeting isn't just for businesses or financial wizards; it's for anyone serious about gaining financial confidence and reducing money stress. By aligning spending with personal values and priorities, budgeting becomes a tool for achieving financial goals and aspirations.
Understanding Income and Expenses: Start by clearly defining your income sources in one column and listing all expenses, including the must haves and the fun stuff. This snapshot helps identify areas for adjustment and control.
Creating a Conscious Budget: With income and expenses laid out, prioritise essential expenses and allocate funds to value spending based on personal goals and priorities. Be flexible and willing to adjust the budget to accommodate changing circumstances or new financial goals. Remember, this is just the beginning of your financial journey and initially the priority will be to tackle short term debt, so there might not be much going to the holiday fund to start with!
Team Effort: Budgeting can feel overwhelming, especially for beginners. Consider partnering with a friend, family member, or partner to tackle budgeting together. Remember, your values and priorities are unique to you, and there's no need to justify them to anyone else, this is just about accountability if you need it.
For more help with your money mindset and making financial confidence the norm, look up Broke to Brilliant on all your favourite podcast platforms – you won’t regret it!
Becky Runga – Mortgage Adviser 😊