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How to Plan Your Finances  – Budgeting

Do you know about budgeting and the benefits it has when it comes to finances? 

When you say the word budgeting, people usually automatically think of it as a negative thing but that’s not the case. 

Budgeting in a nutshell means having a plan for your money. Having this plan just makes you think clearer about your money each month. It can either include all your expenses or just simply your food shop for example. 

Firstly, when thinking about finances and budgeting, at the beginning of the month, if you have a partner, sit down with them at the beginning of each month and make a plan for the month ahead. 

Woman sat down at kitchen table budgeting and working out finances

Now your sat down and ready to plan, one thing to remember when budgeting is that every month is different and will be different and that is normal. All you need to do is adjust your budget as things change. For example, December is always going to be a more expensive month for obvious reasons, some months you may have some birthdays to consider or even your car insurance. 

A great budgeting tip is the 50/30/20 rule. The rule put simply is after tax you allocate your spend based on spending 50% on needs such as mortgage, rent etc, 30% on wants e.g. going out for supper or a nice day trip for the family and the other 20% is put into savings. This means 1) you’re budgeting each month but also putting aside savings each month which is never a bad thing. Read more about the rule here – https://www.investopedia.com/ask/answers/022916/what-502030-budget-rule.asp

Ensure you track your progress, make sure you keep on top of things and check your on track to stick to your budget. Creating a buffer for your budget may help take the stress away just in case, worst case scenario you go slightly over. 

One thing you’ll hear people say is “use cash for some parts of your budget” and yes, this will help but let’s be real, it’s 2022 and who is carrying cash with them, especially post C-word. 

My VIP Rewards can help you budget. By buying vouchers for your food shop before you go to the shop, you 1) save money as you’re getting discounts through the vouchers, for example, you could save 6% off your food shop at M&S and 2) you’re setting your spending boundary before you step into the shop. This avoids those “oh that looks yummy, I’ll chuck that in my basket” moments which we all have but they all add up. 

To get access to these discounts and vouchers, simply get your My VIP Rewards subscription through the website for £3.99 – myviprewards.co.uk/subscribe

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