Simple Ways to Budget Your Money
Managing your money can be hard. At WILD we understand this can be even harder for our mums and dads due to a range of factors like moving house regularly, changes to financial support or changes in circumstances.
We want to help you manage your money. Our Independent Living Adviser Laura has put together this helpful guide.
What is a budget?
A budget is a tool you can use to see what money is coming in – like wages, tax credits or child benefit payments (in-comings) and what is going out – like food shopping, rent and bills (out-goings).
2. Why do I need one?
Knowing how much money you have can help you keep your family safe by making sure you have enough money to cover the essentials such as rent, heating, food and bills. It can also help you see where you can save money for things like days out and set aside money for emergency funds like car repairs.
3. Do I need to be good at maths?
No! You just need to know what is coming in and going out. To work this out you can use your bank statements, online banking, bills or receipts.
4. How long will it take?
It could be as quick as half an hour. Once you have set up your budget you can change it as your incomings or outgoings change e.g a change in energy supplier could reduce your bills.
5. How do I do it?
You can use a printed budgeting sheet like this one from Step Change:
Or you can download a free app such as Fudget or Monefy where the app will work out your budget for you based on information you enter. These apps are free but some can charge you.
6. Where can I get more help?
It is helpful to discuss budgeting with your Project Worker, who may suggest you speak to other supportive services. There are lots of free services that can help you with money – never pay someone to help you unless they are regulated with the financial regulation authority.
To meet with someone in person to discuss budgeting there are a range of services in Cornwall available. Look for CAP, Citizens Advice Bureau or if you are a social housing tenant speak to your landlord about the SMART Tenant service.