Trying to budget? Here’s why you’ll fail…

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One of the most popular ways to take some control over your finances is to create a personal budget. A budget helps you to track all your incoming and outgoings right down to the smallest detail, giving you clarity over your money so you can make informed decisions about how to save yourself some vital cash. One of the biggest issues with budgets is that they are often hard to stick to and if you don’t know what you are doing you often find that rather than being helpful, you are setting yourself up for failure.

Instead of trying to blindly follow a pre-made budget, use our tips to create something that will actually be easy to follow, and help to save you some dosh!

Track everything

Instead of only taking stock of your bills, make sure you include absolutely everything you spend per month. You need to know how much money you are spending daily, including purchases of items like coffee, snacks and travel. Don’t discredit how much you actually spend everyday just because they aren’t big ticket items; you’ll be surprised just how much you spend on small luxuries when you total it all at the end of the month!

You don’t count credit

If you have set yourself a budget of say, £200 per month to eat out, it doesn’t matter how you spent the money, it still counts if you used a credit card! Just like the tip above, you need to track your spending across all payment methods – credit cards, cash, cheques, contactless and debit cards. Remember that if you are tempted to use a credit card to spend because your budget is already spent, don’t! You’ll still have to pay it back!

Be realistic

The number one reason that you’ll not stick to your budget is because you have not been realistic about your spending when you created it. If you know that you are not going to forgo your daily caffeine habit, then include it in your budget. The same goes for anything else that you are really not prepared to cut out of your life. When it comes to things like food, don’t automatically half your usual budget (unless it really is wild!) as you are either going to 1.starve or 2. Be miserable! You’ll know if your budget is unrealistic because you’ll find yourself always coming in over budget. If that’s where you are at now, you need to go back and review your budget and be completely honest about your spending.

You hate budgeting

As a result, you just don’t do it. If this sounds like you then don’t fret, there are many different ways to budget and you probably haven’t found the method that suits you yet. If you are a stickler for numbers then stick to the spreadsheets you know and love, but if that style doesn’t suit you try out some of these apps instead:

Remember that with Monese you can easily track all your spending via our Insta-Balance feature, view a handy in-app spending graph and download your statements too. Get your own Monese account now!


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