The Big Budget Buckle down
Budgeting – take control of your money before it takes control of you…
Budgeting… Yawn… Next!
Too often that’s our response. How on earth can that be interesting?
I feel the same way about the washing up – but like the dishes, Budgeting is something that we’ve just got to do.
Citizens Advice ran a survey of people with money problems. It shows that 75% of people with money problems say that it has a negative impact on their mental health. Stress, anxiety and depression. Over half said it had an impact on their physical health. Poor diet, losing sleep, feeling exhausted.
If you have children, or are thinking of adopting or fostering it can also have wider impacts on the family too. And therefore we need to ensure we take control of our money. The alternative is that it takes control of us.
So what is a budget? Put simply it’s a way of keeping tabs on our incomings and outgoings, with the aim that sooner or later we can get those to balance and even start to put some money away for a rainy day.
Before we even start to think about getting out the calculators, it’s worth thinking through a few questions. Budgeting isn’t just a way of being in balance, but it can help us think through what we want to achieve. Maybe it’s to pay off some debt, maybe it’s to save for a holiday next year, maybe it’s knowing that you can have that night out at the end of the month without going into your overdraft.
Budgeting shouldn’t just be about the rent and life’s essentials. We want to be able to enjoy our money, be able to say yes to the kids, and feel good in the knowledge that if we are in control we can do just that. So, before we even start to get the calculator out, why not try answering these questions…
Where do I want to be with my money in the next couple of months?
What do I want to be saving up for over the next year?
What do I really enjoy?
Are there any debts I need to address.
Join me next week when I look at the issue of Where do I get my money from?