{"id":250,"date":"2021-12-16T11:47:47","date_gmt":"2021-12-16T11:47:47","guid":{"rendered":"https:\/\/www.affalo.co.uk\/blog-api\/?p=250"},"modified":"2022-08-22T11:06:20","modified_gmt":"2022-08-22T11:06:20","slug":"budgeting-a-beginners-guide","status":"publish","type":"post","link":"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/budgeting-a-beginners-guide\/","title":{"rendered":"Budgeting: A Beginner\u2019s Guide"},"content":{"rendered":"\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<p>In last week\u2019s article, \u201c<a href=\"https:\/\/www.check.co.uk\/blog\/some-financial-new-years-resolutions-for-you-to-consider\" target=\"_blank\" rel=\"noreferrer noopener\">Some financial New Year\u2019s resolutions for you to consider<\/a>\u201d, we suggested budgeting as one possible resolution to make in the New Year. We talked briefly about some ways of doing this. In this article, we\u2019ll be going into more depth about budgeting, and some potential budgeting solutions to help you get a handle on your finances.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">What&#039;s Included?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/budgeting-a-beginners-guide\/#What_is_budgeting\" >What is budgeting?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/budgeting-a-beginners-guide\/#So_how_do_I_go_about_budgeting\" >So how do I go about budgeting?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/budgeting-a-beginners-guide\/#The_cheapest_budgeting_route_Making_a_spreadsheet\" >The cheapest budgeting route: Making a spreadsheet<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/budgeting-a-beginners-guide\/#The_pricier_budgeting_route_Purchasing_specialised_software\" >The pricier budgeting route: Purchasing specialised software<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/budgeting-a-beginners-guide\/#The_priciest_budgeting_option_Connect_your_bank_account_directly_to_your_budgeting_software\" >The priciest budgeting option: Connect your bank account directly to your budgeting software<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/budgeting-a-beginners-guide\/#Budgeting_pitfalls\" >Budgeting pitfalls<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/budgeting-a-beginners-guide\/#Nobody_likes_a_miser\" >Nobody likes a miser!<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/budgeting-a-beginners-guide\/#Dont_give_up\" >Don\u2019t give up!<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/budgeting-a-beginners-guide\/#Make_sure_you_keep_track_of_your_finances\" >Make sure you keep track of your finances!<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/budgeting-a-beginners-guide\/#Keep_an_emergency_fund\" >Keep an emergency fund!<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/budgeting-a-beginners-guide\/#Re-evaluate_your_budget_periodically\" >Re-evaluate your budget periodically!<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/budgeting-a-beginners-guide\/#In_conclusion\" >In conclusion<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.check.co.uk\/blog\/money-matters\/personal-finance\/budgeting-a-beginners-guide\/#Credit-Score_offers_two_fabulous_solutions\" >Credit-Score offers two fabulous solutions.<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_budgeting\"><\/span>What is budgeting?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You probably already have some idea of the answer to this, but it\u2019s good to define it clearly.<\/p>\n\n\n\n<p>Investopedia defines a budget as \u201c<a href=\"https:\/\/www.investopedia.com\/terms\/b\/budget.asp\" target=\"_blank\" rel=\"noreferrer noopener\">an estimation of revenue and expenses over a specified future period of time [&#8230;] usually compiled and re-evaluated on a periodic basis.<\/a>\u201d<\/p>\n\n\n\n<p>In other words, when you make a budget, you look at how much money you expect to have coming in. You then look at how much money you expect to go out.<\/p>\n\n\n\n<p>For example: You look at your personal income, and other income (if, for example, you have investments). You then look at your expenses \u2013 your phone bill, your supermarket shop, takeaways and drinks at the weekend, and so on.<\/p>\n\n\n\n<p>After you\u2019ve added up your income and subtracted all your expenses, you have a total remainder. This is the money you have leftover every month. The goal of budgeting is to increase the size of that remainder. This way, you can have more wiggle room when it comes to your finances.<\/p>\n\n\n\n<p>One mistake many people many people make when it comes to budgeting is assuming that it necessitates being a miser. Not so! You don\u2019t have to be a penny-pincher, you just have to be aware of your finances.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"So_how_do_I_go_about_budgeting\"><\/span>So how do I go about budgeting?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are several budgeting solutions you can try. If you\u2019d rather just have the peace of mind and let software and algorithms do the legwork for you, there are paid solutions. On the other hand \u2013 as with anything in life, the more \u201chands-on\u201d your budgeting is, the less it will cost you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_cheapest_budgeting_route_Making_a_spreadsheet\"><\/span>The cheapest budgeting route: Making a spreadsheet<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you work in an office, you might already have an understanding of Microsoft Excel (or a similar program, like LibreOffice Calc or Google Sheets). Making a budget in a spreadsheet is pretty easy if you know what you\u2019re doing. There\u2019s loads of instructional articles all around the Web, and even a few free spreadsheets to download.<\/p>\n\n\n\n<p>Microsoft offer <a href=\"https:\/\/templates.office.com\/en-gb\/budgets\" target=\"_blank\" rel=\"noreferrer noopener\">some premade templates specially tailored for the UK market<\/a>, though you will need a Microsoft 365 subscription to download these.<\/p>\n\n\n\n<p>Generally, a budget spreadsheet features a section dedicated to projected monthly income, then a section for your actual income. There are then sections dedicated to your expenses, into which you will put in amounts you project to spend.<\/p>\n\n\n\n<p>Once you\u2019ve figured out your expenses, you can find out what your overall balance for the month will be \u2013 that\u2019s money you can put towards savings, investments, or, of course, fun.<\/p>\n\n\n\n<p>Now that\u2019s all well and good, but maybe it sounds like a headache. For sure, this involves a lot of saving receipts and payslips, and carefully typing numbers in to white boxes. You might be concerned about going cross-eyed!<\/p>\n\n\n\n<p>Fear not, for there are other solutions available.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_pricier_budgeting_route_Purchasing_specialised_software\"><\/span>The pricier budgeting route: Purchasing specialised software<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are several software applications for your PC or Mac that can help you make and manage your own budget with less fuss than making a spreadsheet. You will still have to save your receipts and payslips, but there\u2019s less hassle with having to make the spreadsheet and learn the formulas and formatting all yourself.<\/p>\n\n\n\n<p>The most popular personal finance software is Quicken, which people have used since 1983 \u2013 that\u2019s almost forty years! Quicken is pretty robust and continues to get good reviews. However, its graphical user interface is a little old-fashioned. Still, it works, so it\u2019s something to consider.<\/p>\n\n\n\n<p>Some budgeting software will let you manually put in your bank data by downloading it from your bank\u2019s website. This is a hassle, but it\u2019s less of a hassle than chasing after every penny yourself. But say you don\u2019t even want to do that \u2013 you can\u2019t be dealing with the stress, and you want the whole thing to be completely automated.<\/p>\n\n\n\n<p>There\u2019s a solution for that. But it\u2019ll cost you!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_priciest_budgeting_option_Connect_your_bank_account_directly_to_your_budgeting_software\"><\/span>The priciest budgeting option: Connect your bank account directly to your budgeting software<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In our modern high-tech world, most all money is electronic. We don\u2019t live in a fully cashless society, but we\u2019re slowly getting there. In fact, even the value of money isn\u2019t even connected to a standard any more. Instead, most money is valued based on supply and demand, as well as government stability. We call that \u201cfiat currency\u201d.<\/p>\n\n\n\n<p>There are an abundance of apps that will let you connect up your bank accounts to their software. This can automatically work out a budget for you, based on your statements and spending habits. Apps like <a href=\"https:\/\/www.youneedabudget.com\/\">You Need A Budget<\/a> (or YNAB) are well-known for helping customers get mileage out of every last penny, so that you can carefully account for every last liquid asset you own.<\/p>\n\n\n\n<p>This sophistication comes at a price, however. These apps are almost always sold on a subscription model. This price is usually not too expensive \u2013 generally it\u2019s less than \u00a310 a month \u2013 but it\u2019s still an additional cost that you\u2019re losing from your budget.<\/p>\n\n\n\n<p>Still, when it comes to budgeting, if you\u2019d like an automatic system to do most of the legwork for you, you might find it\u2019s worth the price of entry. On the other hand, you\u2019ll lose some cash every month on it. It\u2019s about weighing up the costs and benefits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Budgeting_pitfalls\"><\/span>Budgeting pitfalls<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Budgeting is easy to begin, but tough to stick with. This is largely down to the fact that humans are still basically animals with animal impulses. Our higher-order thinking and handle on maths requires conscious effort that goes against our instincts. Our brains are set up to treat instant gratification and short-term rewards as preferable to longer-term, passive benefit. In short, you\u2019re bound to slip up and make mistakes when thinking about money and budgeting it.<\/p>\n\n\n\n<p>Here\u2019s a few potential pitfalls you could find yourself falling into.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nobody_likes_a_miser\"><\/span>Nobody likes a miser!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As we mentioned last week, budgeting is not the same as miserliness. You don\u2019t have to hoard all your cash and insist on not spending it. The point of a budget is to have a greater awareness of where your money is going and what money you need to reserve, so you know what you have left over to put towards things like a house deposit, investments, or just fun and games.<\/p>\n\n\n\n<p>The main thing is keeping track and not overspending on extravagant \u201ctreats\u201d every other day. It\u2019s good to treat yourself once in a while. It\u2019s bad to treat yourself so often that it stops being a treat! Budgeting is all about self-control and using your head.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dont_give_up\"><\/span>Don\u2019t give up!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It doesn\u2019t matter what it is \u2013 going to the gym, giving up drinking or smoking, or even just trying to stop biting your nails. A lot of people, when they don\u2019t see instant results on a life change, tend to give up and go back to old habits. This is because it\u2019s comfortable, and takes less work. The thing is, though, if you stick with healthy habits, they tend to just become, well, habits.<\/p>\n\n\n\n<p>The same is true of budgeting. In all likelihood, you won\u2019t see huge results in the first month or two. You will probably slip up and blow a big chunk of your cash on something frivolous. But that doesn\u2019t mean you should just give up! What\u2019s essential to forming good habits is not sticking to it absolutely perfectly, it\u2019s recognising your slip-ups, and resolving to keep trying.<\/p>\n\n\n\n<p>Eventually, maybe when you don\u2019t even realise it, you\u2019ll see your decision having the desired effect.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Make_sure_you_keep_track_of_your_finances\"><\/span>Make sure you keep track of your finances!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Of course, budgeting doesn\u2019t work at all if you\u2019re simply not paying attention to your money and doing the maths. The solutions listed above can make this easier for you, but at the end of the day, it\u2019s only you that can make decisions on using your money effectively.<\/p>\n\n\n\n<p>This means carefully considering where you spend your money every day and every week. And it means carefully considering what you spend your money on. As we suggested last week, you can look at changing your coffee habits, or try to avoid big brands where off-brands or own-brands will suffice.<\/p>\n\n\n\n<p>Again, there\u2019s no shame in the occasional cup of coffee from your favourite high-street coffee chain, or buying a particular brand of tomato ketchup, it\u2019s more about what you\u2019re doing every week \u2013 do you really need brand-name cereal, brand-name soft drinks, brand-name biscuits, brand-name bread and butter? Or can you get on just as well by forgoing brands?<\/p>\n\n\n\n<p>At the end of the day, budgeting is all about keeping an eye on things.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Keep_an_emergency_fund\"><\/span>Keep an emergency fund!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It\u2019s a good idea to keep an emergency fund available. This is a pot of money that can cover any unexpected expenses \u2013 car repair, mobile phone repair, boiler replacement, and so on. Generally, you can calculate how much you need for an emergency fund after calculating your projected expenses. Some people will use a fixed percentage, others will think of the most expensive emergency expense that could fall on them and try to keep that saved.<\/p>\n\n\n\n<p>However you choose to do it, make sure it\u2019s enough! It\u2019s no good just keeping \u00a330 sitting in your account when an average boiler replacement can be between \u00a3500 and \u00a31,500! You\u2019ll want to have enough of a pot saved that you can cover a sizeable chunk of your emergency costs.<\/p>\n\n\n\n<p>Bear in mind that your emergency fund doesn\u2019t have to cover everything down to the last penny &#8211; it just needs to take the strain off your budget to cover every possible expense.<\/p>\n\n\n\n<p>You can keep adding into your emergency fund every month, if you wish, or you can simply leave it as it is. But do make sure to re-evaluate periodically to make sure it covers your needs!<\/p>\n\n\n\n<p>Speaking of which&#8230;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Re-evaluate_your_budget_periodically\"><\/span>Re-evaluate your budget periodically!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Here\u2019s a big budgeting mistake that a lot of people make: Failing to ensure that their budget is still up-to-date with all their needs. An automated solution might not be as bad for this, but if you\u2019re doing it on your lonesome, you might not realise that you really need to re-evaluate your budget every so often.<\/p>\n\n\n\n<p>A good rule of thumb is to check over your finances every six months. Have you had any income raises or, worse, income reductions? Has your situation changed? Have you moved to a different service provider that costs more or less? All of these things can change how you budget.<\/p>\n\n\n\n<p>Remember, budgeting is about keeping on top of your money. That means playing an active role in your personal finances, and making sure you know where it\u2019s all going.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In_conclusion\"><\/span>In conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Budgeting is a rewarding and healthy habit to take up, but it does require a bit of graft and perseverance. It also requires some sacrifice on your part \u2013 whether it be time, money, or time <em>and<\/em> money. Still, if you\u2019re wanting to buy a house in the next few years, or become truly self-sufficient with your cash, then it\u2019s an essential skill to learn and master.<\/p>\n\n\n\n<p>In this article we\u2019ve detailed just a few ways to budget so you can make your money work for you. There are other things you can try. <a href=\"https:\/\/www.check.co.uk\/blog\/some-financial-new-years-resolutions-for-you-to-consider\" target=\"_blank\" rel=\"noreferrer noopener\">Check out last week\u2019s New Year\u2019s resolutions article<\/a> to find out what else you can try.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit-Score_offers_two_fabulous_solutions\"><\/span>Credit-Score offers two fabulous solutions.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you\u2019re preparing to take a mortgage, never apply until you\u2019ve tried our unique and&nbsp;<a href=\"https:\/\/home.credit-score.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">FREE Credit-Score Home app.<\/a>&nbsp;Our smart technology will tell you what you need to fix so you avoid rejection. The app predicts when you will be able to buy, for how much and tracks your month-by-month progress to mortgage success. We\u2019ve even added your own mortgage broker, so you get the best deals available.<\/p>\n\n\n\n<p>More focused on your credit rating? Well, get started for free with&nbsp;<a href=\"https:\/\/www.check.co.uk\/register\" target=\"_blank\" rel=\"noreferrer noopener\">Credit-Score\u2019s 24- Factor Credit Check<\/a>&nbsp;to truly help you improve your creditworthiness and how lenders view you. (Remember: lenders don\u2019t use your credit score! We\u2019ll show you what lenders look for and how to get your credit report in the best shape possible).<\/p>\n\n\n\n<p>Lastly, and most importantly: From all of us at Credit-Score, have a Happy New Year!<\/p>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n","protected":false},"excerpt":{"rendered":"As the New Year approaches, you might be thinking about budgeting. Here&#8217;s a few tips &#038; tricks for managing your money effectively!\n","protected":false},"author":19,"featured_media":5126,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[515,285],"tags":[242,750,751,752,753,754,755,620,744,756,757,758,759,760,761,621,745,746,762,763,764],"class_list":{"0":"post-250","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-guides","8":"category-personal-finance","9":"tag-bgt","10":"tag-budgeting-guide","11":"tag-budgeting-guide-uk","12":"tag-budgeting-pitfalls","13":"tag-budgeting-solutions","14":"tag-budgeting-solutions-uk","15":"tag-budgeting-uk","16":"tag-creditscore","17":"tag-how-to-set-a-budget","18":"tag-how-to-start-a-budget","19":"tag-how-to-start-a-budget-uk","20":"tag-how-to-start-budgeting","21":"tag-i-want-to-start-a-budget","22":"tag-i-want-to-start-a-budget-uk","23":"tag-managing-money","24":"tag-mortgage-score-home","25":"tag-new-year","26":"tag-new-years-resolutions","27":"tag-personal-finance","28":"tag-pitfalls-in-budgeting","29":"tag-what-is-budgeting"},"acf":[],"featured_image_src":"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2021\/12\/sarah-agnew-1gvDqPVkwSo-unsplash.jpg","author_info":{"display_name":"Robert Edwards","author_link":"https:\/\/www.check.co.uk\/blog\/author\/conor-mullinsaffalo-co-uk\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Budgeting? 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