Include any benefits or tax credits, pension or savings income and – if you have shares – dividends too. Of course, most know how much they earn in a year but it’s your monthly take-home figure after tax that really counts. What do you take home every month? Put down a precise numberĮvery budget starts with this figure – how much money you get each month. Get started with our six tips below which show you the key basics of budgeting. Whether you’re an ace with apps, a spreadsheet whizz or prefer old-fashioned pen and paper, it doesn’t matter how you do it – pick whatever works for you.ġ. Now admittedly, it’s not the most thrilling way to spend a few hours. But discovering where every bit of your money goes can bring huge benefits. It can help you feel more in control, give you peace of mind and even encourage you to save for the future. If you haven’t tried it before, there’s usually more than a few financial surprises – and often an eye-opener or two. Here’s where making a budget could really help – and it could be a lot easier than you think. And with rising prices and bigger household bills, now could be a good time to take a fresh look at your personal finances. Think ‘budget’ and you might imagine cutting back, a stack of bills and a need to balance the books. But a budget can also mean a longed-for holiday, a new car, more money in your pocket and being able to sleep more easily at night. It plays such a vital part in the way we look after our money, so the way we think about it matters too. In a nutshell, a budget simply helps you keep track of what’s coming into – and what’s going out of – your bank account.

A simple budget plan