Before You Start a Budget You Need to Do This!


Now it’s time to work out where your money goes. In today’s world we are under constant pressure to spend and face a continual stream of advertisements and enticements. Material things are regarded as important whether we actually need them or have the money to pay for them. So you need to find out how much pressure you give in to and what you actually spend your money on.


Before you can make a realistic budget you need to understand where your money actually goes. So any good budget or spending plan starts with a notebook! The majority of people are not entirely sure what they spend their money on and many have no idea at all. The notebook exercise enables you to work out exactly where your money goes each month. This is one of the most useful exercises you will ever do to help you manage your money.

Buy a small notebook and carry it with you for a month and write down absolutely everything you buy and how much you spend. You will be surprised by how much money you spend without being aware of it, especially discretionary things like meals out, takeaways, magazines, chocolate bars, clothes etc

Be totally honest with yourself. The information you gather will enable you to establish a budget.

We all buy a whole lot of stuff we think we need. Once you’ve kept your note book for a month, make a list of the top 10 things you bought during the month that were a want rather than a need. They may be things like buying lunch, lattes, cigarettes, takeaways, magazines, DVD’s, sweets, clothes, going out for dinner, books etc.

Now you need to rank the list according to the level of importance each item has for you. Some will be low importance i.e you would really not miss them. And others will be high importance i.e if you don’t have them you would miss them.

Now you need to decide which items you want to keep in your budget – these wil be the ones that are most important to you. You will also need to make sure they fit into your budget. And the ones that don’t make the final list may be the things you buy only occasionally, when you have extra money.

Now this is a great way to keep track of your day to day spending and find out what material items are really that important to you. And its a great way to start if you are doing a budget.

Now if you are serious about starting a budget you need to stop thinking about it and get started ans stick with it. Also if you want a free evaluation of your finances please check out

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