One of the keys to debt management is to really understand how to budget money. Here's how setting your budgets in Money Dashboard can help you get your money under control and keep those money worries at bay.
Set monthly income
Make sure you capture all your income. Budgeted monthly income represents any income you may be receiving, so it may include your regular monthly salary, but it may also include any benefits you receive such as child allowance, or any additional income you may receive from other financial adventures such as rental income.
Set monthly spend
It maybe obvious but setting your budgets should be based upon how you have spent your money in the past. There is no point in setting unrealistic budgets for yourself.
Keep checking
Get into the habit of checking your budgets are up-to-date, that you are not overspending, and that you are creating a surplus. Use Set Budgets to create a more disciplined approach to spending. Doing so will naturally create an environment where you can get your finances in order and start to save.
Set goals
If you want to start saving for something such as a dream holiday, a house deposit, a new car or a replacement washing machine, then set yourself a goal.
Regular savings plans
Even if you're not saving for anything specific but you regularly have a surplus, why not set up a standing order to sweep a given figure from your current account into your savings accounts?
Follow these easy steps and you'll start to see the benefits of using a budget planner yourself.
