Budgeting Styles
Budgeting is not about going "on a budget" as we all know going "on a diet" rarely works long term.
There may be times when you need an emergency budget, stripping everything out to essentials only, but long term, looking after your money is as sensible as looking after your long term health.
What kinds of styles are there? Several actually but I want to focus on you.
What kind of season of life are you experiencing?
Are you looking ahead to retirement and wondering about the practicalities of that?
An expectant mum worried about how maternity leave will impact your home economics especially with lots of gorgeous baby bits to buy?
Are you saving for your first home and not really sure what to expect once that becomes a reality?
Have you had a reduction, or an increase in your income and not really sure how best to manage this?
Are you living solo for the first time, maybe after a relationship breakdown or the loss of a loved one and don't really know where to begin?
For all our big seasonal life changes I will bring you budget planners and beautiful e-books to match so you can be self-guided in your approach to your new chapter.
You are most welcome to book a complimentary 15-minute chat with me so I can help you get started.
More to follow in the first part of 2022, but here are the first two. Getting Started and getting ahead - both with an annual approach to your financial wellbeing.
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Getting Started
If you're brand new to budgeting this is a great way to start.
Easy to use, simple to continue with, it enables you to see where you're at with your income & outgoings and see what's leftover.
It's known as a zero-based budget, where every penny has a job to do.
Let's say your income is £2000 a month.
Your fixed expenses are £1000
Your debt repayments are £150
Your Savings and Investments are £50
Your flexible expenses are £650
So your total is £1850
You've got £150 leftover & you need to find it a job!
Why?
Because it will disappear really fast and you won't even realise you have it.
Intentionally choose how you're going to use it, either by adding more to pay off your debts quicker or put it into cash / longer-term savings, or even better perhaps, treat yourself to something gorgeous!
Getting Ahead
You may have been budgeting a while, always done it and need a different perspective or you've been using the simple version and want to take it to the next level.
Cashflow forecasing is used in businesses the world over and enables you to forsee & track the ebbs & flows of incoming & expenditure ahead of time.
Having months or a year in front of you, better equips you to make decisions so that you move closer to where you want to be, closer to your goals.
Don't have financial goals?
Do you have life goals?
Ok, how about what you want out of life in a broader term?
Reverse engineering where you'd love to be in 6 months or 6 years means you are more likely to get there, rather than if you let life slip on by don't you think?
It's easy to feel overwhelmed or emotional about money and your lifestyle especially if you feel a million miles away from what you want.
2022 is going to be a tough one for everyone you're not alone.
The best thing to do is to manage your home economics like a business so that it works for you and your family in the best way possible.
The accompanying e-book will help you with some money mindset work so you can take some time to consider what you really want out of life, a powerful journey to go on it could reveal some things to you you hadn't considered.
The spreadsheet continues your journey as you complete your income & expenses, debt management & savings so that you have a one-page summary giving you a full year of what to expect.
Want to change things? Then do it, play with your numbers until things look just how you want them to.
It's your life, it's your money, learning to spend with purpose will make a huge difference.
Not sure this is for you?
I've got an 8 part budgeting journey for free you can have via weekly emails so you can spend 8 weeks taking short easy steps with the budgeting planner above or by doing your own thing.
Budgeting basics, bank statement reconciliation, cash flow and future planning are all included plus I will be getting more into cooking & home decor & will share tips & ideas.
Having a budget isn't for those of us who are a bit skint, they are for those of us who have got a few quid too - I've been in both lifestyle camps and managing your money is essential regardless.
I created this planner because I found myself crying, a lot, over money.
It just always worried me and using a pencil & notebook only took me so far.
Spreadsheets always looked so daunting and being a stationery girl, not a techy, I tended to avoid these.
However, having a pretty version that spoke my language and gave me all the adding up and summary capabilities changed everything.
I wanted this to be a pleasure to use, something I could happily open up and play with and have my diary next to me with dates & plans tallying. I finally felt like a grown up!
That half-hour or so each week made me feel so much more in control and I knew I was on track with everything.
The results weren't always pretty especially when times got tight, but I rarely stayed in my overdraft long and my debt was minimal.
I actually feel sick if I'm in debt or out of control with money I'd rather go without than owe money if humanly possible.
