Let's talk budgeting!

In recognition of the National Financial Awareness Day on 14/08, the topic of budgeting and financial health has become more important than ever before! With fluctuating inflation rates and persistent Bank of England rate increases, there is no better time than now to take care of your money and with September around the corner, student’s listen up as this can also apply to you!

Our Chief Financial Officer, Lee Buhagiar, shares his thoughts on the topic, “taking care of your financial health isn't just about numbers and spreadsheets—it's about empowering you to make informed decisions, build resilience, and seizing exciting opportunities and one way to do this is by looking into how you can budget your finances better.

Budgeting is like a roadmap for your money—it helps you stay on track, prioritise your spending, and make informed financial decisions. Here are a few key steps to help you get started:

1. Track Your Income and Expenses:

Begin by gathering all of your financial information and tracking your income and expenses. This could include your salary, side hustles, bills, food shops, entertainment, and everything in between.

2. Set Financial Goals:

Identify your short-term and long-term financial goals. Whether it's preparing for university, saving for a house, paying off debt, or building an emergency fund, your goals will guide your budgeting decisions and provide a sense of purpose.

3. Categorise and Prioritise:

Divide your expenses into categories such as housing, transportation, food, entertainment, and savings.

4. Create a Realistic Budget:

Based on your income and priorities, create a budget that reflects your financial goals and values. Allocate specific amounts to each category, ensuring that your expenses don't exceed your income. Be realistic and flexible, allowing room for unexpected expenses and adjustments along the way.

5. Track and Review:

Regularly track your expenses and compare them to your budget. This will help you identify areas where you may be overspending or where you can adjust. Review your budget periodically to ensure it aligns with your evolving needs and goals.