Keeping a budget

Keeping a budget may seem like a bit of a hassle but it could end up saving you a small fortune. A budget is a financial plan for saving and spending money. Drawing up a budget is something that's personal to you and your circumstances. Making a note of what’s coming in and what’s going out of your bank account each month is the basic principle of any budget, it’s only when you see where your money goes that you can make changes to curb any unnecessary expenses. That way, you'll not only be saving money but making decisions that could change your finances for the better.

Follow our useful steps:

1. Set up a basic budget by logging your money coming in and your money going out. Try our handy excel budget calculator to help you keep track of your finances. If you need a simpler version or do not have excel use our online budget calculator.

2. Remember, be honest with yourself and try to include everything you spend.

3. Not sure where your money goes? Print or view your statements online to help you identify your incomings and outgoings. Try keeping a spending diary for a month. You'll be surprised!

4. Remember to include the things you only pay for once a year, such as car tax and insurance, by estimating and dividing up the average that you'd spend in a year. Don't forget to insert your debt repayments into your outgoing commitments too.

5. If you identify areas where you are overspending, ask yourself if it is absolutely essential? Could you make reductions?

6. Get a free weekly text with your balance and the last six transactions on your bank account by signing up for Text Alerts.

7.Check your balance frequently at ATMs and by using Telephone Banking or Internet Banking.

Try our excel budget calculator or our online budget calculator and put some of the above into practice. You’ll get a clearer picture of your money so you can plan your finances better.