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Do you find yourself short of money each month due to overspending and having to use the credit card? Then it’s time to curb this habit by managing your monthly budget correctly.
We all have a limited amount of money each month therefore if we don’t keep track of our spending it’s easy to fall into debt.
A good habit to get into is to always make sure the following month’s outgoings are covered as well as the current month. Make sure the bank has enough credit to cover all your bills.
Direct debits can go out at varying times of the month. Ones that go out at the start of the month need to be covered, especially if you get paid at the end of the month.
I’ve created a Monthly Budget Sheet to help with managing your monthly budget by working out what money is left after outgoings.
Please feel free to download this Monthly Budget Sheet and use it.
How To Use The Monthly Budget Sheet
Add up all the money that comes in each month and enter the amounts in the left-hand column. This will be income such as wages, benefits, tax credits, self-employed drawings that you take from your business, any income source etc.
In the right-hand column, list all your expenses for the month, all bills, food shopping, petrol, subscriptions and savings make sure you list everything. Set yourself a limit to the amount you can spend on food shopping.
Put a set amount away each month for savings, then you won’t be tempted to spend.
Deduct the outgoings from the money coming in to see what you are left with to spend for leisure.
I find it’s best to do this at the start of each month so you know exactly where you are with your money for the whole month.
The money you have spare each month can be divided by how many weekends are in that particular month. This will give you an idea of how much you can spend each week.
Use a little cash book to keep track of any spending activities, add your current account balance and record money in and out, track everything, as a result, you will rarely if ever overspend.
I recommend the little red Silvine Cash Books to record all spending.
I’m linking up with Cass , Emma and Becky in this week’s ‘Five Fabulously Frugal things I’ve done this week linky.