By completing a detailed budget planner, you can effectively plan your monthly income and outgoings:
- A budget will show you where and if the ‘missing money’ is located. You log your income, essential spending and leisure spending which normally will reveal a disposable income that doesn’t quite reflect reality. Find this money, save this money.
- Going through your bank statements can reveal duplicate subscriptions or unexpected payments that you can cancel, amend or challenge.
- It helps you recognise where you need to scale back spending by quantifying how much you actually spend on the small costs. Many of us love our coffee for example – by tracking how much you spend daily on things such as coffee and lunches, you can identify and reduce the small costs that all add up!
