Money My Way - Budgets
Setting a budget means keeping a track of the money you have coming in and going out over a set period of time and planning your future spending around that. Budgeting is one of the best ways you can manage your money, because it helps you make sure you're ready for the expenses that come your way, making it easier to save the extra pennies!
This page is full of useful tools and resources to help you get your budget started. You can try as many of the tasks as you like at your own pace.
Task 1: What is a budget?
Before you do anything else, you'll need to have an idea of what a budget actually is. Grab a piece of paper and a pen and note down:
- What the word 'budget' makes you think of
- 1 reason someone might want to make a budget (eg. if they're getting married or saving for a car)
- 1 reason you might want to make a budget for yourself (eg. 'I'm skint!', 'I find it hard to pay for my bills', 'I'm buying a house')
Remember, budgeting isn't just about buying a cheaper brand of beans! It's about tracking the money you have coming in and the money you're spending.
Task 2: Get Some Tips!
The Make Money Work page has a course and handy links that will help you to make the most of your money and plan for the future. Try taking the course and learning more about what a budget is and how to go about making one.
This page from Money Saving Expert will take you through the first things you need to keep in mind when setting a budget, like your regular expenses and whether you're budgeting just for yourself or for others too.
Task 3: Plan Your Budget!
When you've learned what you need to know about budgeting, why not try planning a budget for yourself? The tools below will help you to work out how much money you have coming in and out and plan a budget for yourself!
These Budget Planners from Barclays and the Money Advice Service will help you to work out how much money you'll have left after you've paid your main bills and expenses.
Natwest have a Salary Calculator that can help you to work out what will be taken out of your pay in tax and National Insurance, and how much you'll have left afterwards.
Session Plan For Tutors
If you're a tutor, you might find it useful to use the session plan below to support this topic.