Experts have shared their top tips for learning to budget each payday. For many people, knowing what to do with their money once they have it can be a struggle, leaving them living paycheck to paycheck with little to no savings. Online lender CreditNinja have shared top tips for budgeting your paycheck, in order to give you some peace of mind, and help you take control of your finances.
A budget is a simple way to do this. A budget is a detailed plan for your income and spending - the most basic budgets have categories for income, essential spending, recreational spending, and savings, but they can be completely customised to your personal habits and lifestyle. Budgets are a useful tool for managing money if you are honest about your spending habits and commit to the goals you set.
Giving yourself a realistic, manageable budget can help you repay debt, deal with financial emergencies, curb bad monetary habits, and reach your personal life goals. Creating a budget, especially if it is your first time, can be overwhelming. To help, the process has been broken down into smaller steps - here's what you should do.
If you need a bit more guidance, there are different strategies you can use to help you reach your goals. 50/30/20 method One of the most popular strategies is the 50/30/20 method. This involves spending 50% of your income on essentials, 30% on recreation, and 20% on savings.
This can be a rough guide to see how much you should put into each category, but be aware that i.
