So if you don't already know I have a part time job so every month I have a wage come through so when it comes through I see how much I have, then work out how much I need to put into my savings account (for my holiday, car insurance, emergency), how much I need for petrol, what essentials do i need ( i.e toiletries) and then when I look after my wages after working all that out i'm not left with much so I have to sensible for the rest of the month.
First off this is a tip for everyone is to open up a savings account because trust me when I hear people say yeh i'm saving but don't have a saving's account then trust me your not saving because it's there for you to spend. My savings account is used for holiday funds and my car fund i.e insurance/mot/tax, I put roughly £200/£250 depending on my wage into my savings account each month, so that I know when my car insurance is up for renewal I know i've got the money, so when the time comes I transfer it back into my normal bank and then pay...done dusted. Savings accounts are also good if you are trying to save for something hence the name so if you want a car but constantly spending then set up a savings account and put away every time you get paid, then before you know it you will have enough for a car.
My second tip is working out what bills you have coming out in that month till your next pay, so me I don't have a set date that I get paid mine is just every 4 weeks so one month it could be the 13th the next it could be the 20th and also mine is always Friday, so what I do is I look at the 4 week period and look at my bill dates and see if they come into that slot if they do I work out how much in total is going out so I know I have to leave that much in my bank at least.
My third tip is creating a list of items you need like toiletries, so a couple of days before I get paid I go through my toiletries draw and see what I need and then I write it down so at least when I go into Boots or Superdrug I know what I need.
My fourth tip is a little bit for specific so if you have a holiday coming up and of course need to by toiletries for it or even clothes by one or two items each pay so when the holiday comes around you are ready to go instead of buying everything in the that months pay and blowing all your wages on holiday items.
My fifth and final tip is monitor what your spending this is an obvious one but when your out shopping just in the back of your mind work out how much you have spent already, or if you are in a shop picking out items work out how much the total is going to be so you don't go crazy, you might think that this doesn't work but trust me it does, I usually work out how much everything will come to while i'm going round, and if it's a lot i'll look in my basket and be realistic with myself and get rid of items that I don't actually need.
There you have it my tips on how to budget, I hope this helps!
Thank you for reading!
Love
Hannah
OXO
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