What's your top budgeting tips?

Aoife

Hey everyone,

Managing our money can be hard sometimes especially at the moment with costs continuing to rise. We thought it would be a useful thread to have here on the community so everyone can share their top tips to support each other.

What are your top budgeting tips that you think others would find helpful?

Comment your tips below

Former Member

I use a free app called Emma, you can set a budget each month or for whatever time period you want, and then you can see where about a your spending money on and try and reduce it. Before I just never really checked my bank account, but now I’m trying to save for a house deposit, it’s really helping. I also tried no spend weeks, although that was a bit more of a challenge. It’s when you only spend money on necessities for that day/ week that was quite useful as it stopped my eating out which helped save a lot of money.

Azziman

I love this post idea, very useful skills to have under your belt! I'd echo what @jess63 says - setting up a budget is the first important step, so you can see where your money is going. You might be surprised on what you spend on, or how much you spend on particular things!

Then, it's about using the information to figure out what to do next. Look at what you're spending on, and decide whether you need it/want it - perhaps you've got a subscription that you're not really using? Are you able to save money each month, or are you digging yourself further into debt each month?

One extra tip I'd add is to spend what you haven't saved, not the other way around. That is to say, be proactive in how you approach saving - don't just spend whatever, and save whatever you happen to have left over. A common approach is to transfer a certain amount into a separate savings account as soon your salary comes in. It's called "paying yourself first", and ensures that you save a minimum amount each month and live within your means. Very handy practice to make sure you get into a habit of saving!

Maisy

This is a helpful thread!

For me, I try to compromise on things a bit. If I see two things I want (but don't need) in a shop, I will allow myself to only buy one of them (and this is after thinking about whether I need it or use it, mentally weighing up the pros and cons). The same goes for meeting up with friends. Instead of meeting up with a friend a few times in a short amount of time, to save money, I try to stagger it so that I meet up with them a few times over a few months.

When buying something I need, I always look around to see where I can get it at a lower price (or if buying a bigger version works out cheaper in the long run).

I avoid subscription services if I can. I'd rather pay full price, even if it is expensive, for a full product or service, than pay over the odds for a subscription.

And lastly, don't forget charity shops! You'd be surprised at some of things that you can find in charity shops...I've had a few items of clothing and other things that were unused/unworn with tags still on, at a much cheaper price than if I had bought them first hand!

Azziman

That's a great final point @Maisy - the second-hand market has some really great things on offer, especially during the current high inflationary period. There's lots of services, apps and shops that support the second-hand market, so well worth digging around to see what you can find.