How to Start a Budget {Infographic}

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Budgeting is an essential part of any adult’s life, and it becomes even more important when you have big dreams that you want to achieve. Unfortunately, we don’t tend to be taught much about looking after our personal finances while still at school – meaning that many adults struggle to make the best they can of their situation. But if math and economics feel like big words, don’t be put off: today more than ever the tools exist to help everyday people to make the most of their income. It all begins with making a budget.

Once you’ve identified your goals – be it a holiday, a new bike, or just to pay off some debt – it’s time to dial up a decent piece of consumer budgeting software. You Need A Budget is a great place to start: it works as a ‘budget tracker’, so you can feed your figures into it as they arise, and let the machine do the math. If you’re handy with spreadsheets or old school accounting books, these can be equally good ways to proceed.

Before long you should have a better picture of your financial situation, and an idea of any steps that you need to take to hit the goals that you started with. Then it is a case of ensuring that you manage your income and savings wisely, to get the most value for your money. Every time you are about to spend, ask yourself the three big questions: Do I need it? Can I afford it? Is it cheaper elsewhere? You will soon get used to the discipline, and your bank account will thank you for it.

Different methods will work better for different folk, but the important thing is to take your head out of the sand and get started. This new infographic from OnStride is a great place to begin, giving some specific pointers about the best ways to build and keep to your personal budget. Find the elements that work for you, and in a few months time you will surely enjoy the benefits of budgeting wisely.

Editorial Team
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