Please download Accessible Psychology’s ‘Financial Budgeting Spreadsheet’ below, to take part in today’s exercise:
Monthly Expenses and Savings Sheet (Budgeted Column)
Last week we entered in our current expenses in the ‘Actual’ column, this week we’ll fill out the ‘Budgeted’ column.
When creating a budget it is vital to do your research into how much things realistically cost but also honestly assess what you can cut back on. Do you need to buy lunch? Could you make a sandwich and take that to work instead? Do you need to spend as much on entertainment? Could you perhaps drink before going out and then just top up when on nights out in bars? Would buying a monthly pass for travel be less expensive than paying daily travel costs?
These are all things to consider when creating a budget. To stick to your budget does take discipline however there will be top tips and tricks to stay within budget in the comings weeks so fear not – there are ways which will make sticking to your budget easier (such as reminding yourself daily what you stand to gain). I will support you through every step of the process, but, ultimately, it is down to you.
Remember doing this budget will enable you to achieve your life goals!
What expenses did you cut back on and how will you spend less in these areas daily? Do you believe the budget you have created is realistic? Did you do research on how much things realistically cost and balance this with honestly assessing how you could reduce costs? Please share your thoughts in the comments below to gain encouragement, insight and support from our community, we’d love to hear from you.