How to be able to budget effectively

Hi I was wondering what are the best tips and advice to budgeting effectively. Ensuring that when you get paid a day that until your next pay cycle which for me would be every 4 weeks I have money till then to last me.

Thanks

Hi @Mohammed_80

I think the best way to stay on top of your finances is to write it all down. Well it has worked well for me!

I like the keep track of all my direct debits and I have a document where I input how much I have spent each day. This helped me get a good understanding of how much I was spending. I was shocked when I first started doing it.

Once you have a good idea of how much you are happy and able to spend monthly then it is down to you to try and stick to that figure.

It also depends on what your goal is. So if your goal is to save, your main priority will be to have the freedom to put some money away each month into a savings pot.

The Money Saving Expert website is a great place to smarten up about all things money. I would highly recommend heading over to their website where you can read about things such as Lifetime ISA’s, interest rates and so on.
Hope some of this can be helpful!

Anastasia,
BCU Student Rep.