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Budgeting is something that many of us don't take the time to do. But if you really stop and think about it, budgeting is simply a means of looking at your income and expenditure and deciding on what is most important to you. Once you identify what you want to achieve, a budget is a tool to help you get there.
Where does all my money go? Very few people can answer this question accurately. Learning how and where you spend your money is the first step in managing your finances.
Next time you are tempted by an unplanned purchase, ask yourself:
A budget can help you plan your expenses and save for things you want.
Managing credit or simply covering expenses is not always easy but following these steps will help you control your finances:
Use our budget calculator to assess your income and expenditure and find out how much you can really save.
Saving may appear to be difficult and disciplined, but think of the feeling of being able to afford to buy something you have wanted for a long time.
The key to successful money management is to put funds aside during the good times and to minimise financial stress during bad times. Remember to allow for unexpected debts and emergencies e.g. illness in the family, loss or breakage of possessions, career interruptions etc.
Tip - how much is enough?