Once You’ve Made A Budget, How Do You Manage It?

Any financial advisor or money manager is going to promote the benefits of assembling a budget to keep your spending in check each month. Money management is a highly underrated tool that allows you to avoid  debt and juggle your household costs with ease, eventually helping you to fall into a routine that helps to curb your spending while also ensuring that you have money left over each month to save and spend on yourself too!

Successfully managing your budget can go a long way in ensuring that you are continuously well equipped with the know-how necessary to avoid falling into emergency financial situations and having to boost your monthly income with a short term payday loan. However while so many people explain why budgeting is so important, few actually divulge the steps you need to take to ensure that your budget is able to be followed and a successful part of your lives. Here are our tips…

Budget for one-off expenses

It is of course true that you cannot budget for everything, which is why having some element of leeway is important (think Christmas and holiday periods). Start by working out how much money you spend over the course of a year and then divide that amount by 12- this cash can then be used as money set aside until the bill or particular expense is due.

Save money when you can

Be sure to make saving money an important part of the budgeting process as it will help you deal with emergency situations and allow you to plan long-term for a better financial future. Regardless of how little you manage to put away into savings, it will all help to add up in the long run.

Setting up a standing order to a regular saving account for a minimum amount can help take the pressure off of ensuring you have saved each month. Furthermore, enquiring about the different types of savings accounts available, such as a cash ISA, that will help you earn more interest on top of your savings each month.

Monitor your bank account

A big part of budgeting is taking the time to check your bank account on a regular basis. This will help when it comes to forward planning and checking to physically see how much money you have ready to pay off bills and direct debits. Check to see that you are also not paying for services you no longer need to.


As with anything, it is important to keep track of your changes and keep an eye on your income and expenditure so that you are able to remain one step ahead of how your budget is working for you. This will also allow you to make the necessary changes needed to keep your budget comfortable and workable, regardless of your circumstances. Online banking is a great tool to utilise in order to quickly and safely access and manage your bank account.

Use cash

Using cash for your transactions is one of the oldest tricks when it comes to maintaining a healthy budget as it allows you to control your spending through being able to clearly see where your money is going. If you are going shopping or on a day out, be sure to take the amount of cash you can afford to spend and leave your credit and debit cards at home so that you are not tempted to spend more than you have.

Tackle debt first

One of the best ways to keep your budget on track is to tackle any debts you have head on and get rid of them as soon as possible so that you are able to take better control of your financial situation. If you have more than one debt, consider paying off the most expensive debt you have first, whilst also cancelling credit card information that is link to online shops.