No matter how big your income is, unless you have the skill of budgeting effectively it will never be enough. Even a small income can offer a good quality of life if allocated wisely. The key to any budget is treading a line between frugality and deprivation: pulling the belt in too tight will inevitably mean the pendulum will swing back the other way and you will find yourself splashing out as a countermeasure to the feelings of denial.

For budgeting success be moderate, be gentle, and most importantly, be prepared. Fox Symes are leading financial advisors who can help you to make the most of your cash flow, so consider getting in touch with the professionals. In the meantime, make a personal budget: every one should have a budget even if times aren’t tight, so whether its feast or fast for you right now, take this moment to write up a budget and get to grips with your priorities:

1    Check Your Fuel Intake

You are what you eat: while it’s a tired aphorism, there was never a truer one, and whatever you cut back or shirk spending on, don’t let it be food. A poor diet will beget health problems that will be infinitely more costly in the long run than eating well in the first place. And also think of all the simple pleasures you’ll miss out on!

2    Be Income Savvy

It’s easy to have your financial affairs get out of control and come to a point where you can’t afford basic costs such as rent, car registration or utility bills. Write out a list of regular weekly, fortnightly, monthly or yearly expenditures and have it on hand. It can be easy for a quarterly utility bill to sneak up on you, but if you have a record of the last one you save yourself an unpleasant surprise. If you rent, you can organise a direct debit system with your real estate agent so that your rent is withdrawn on payday: that way there’s no danger of over-spending unwittingly.

3    Don’t Forget to Have Fun

Allocate an amount in your weekly budget for entertainment and socialising: a budget without these is unrealistic, and trying to adhere to a monastic lifestyle will be both miserable and short-lived.

4    Look After Yourself

Allocate a set amount each month for spending on health: if you spend less, that can be transferred to your savings account in preparation for future health issues. That health money can be spent on regular of one-off medicines and medications, vitamins, visits to chiropractors, or a gym membership.

5    Emergency!

While living in the moment has its perks, learning to save for the unexpected is a great skill that will offer great support. Decide on a set amount each month that you’ll put in a designated savings account not linked to your bank card. The stress you’ll avoid when an unexpected costs crops up will be huge, and the financial buffer of a considerable amount of savings will mean you’re not at the mercy of borrowing money to deal with job loss, car problems, health crises, or other future mishaps.

If you are ready to commit to a budget and turn your finances around, a call to the friendly team at the FSA Group will ensure that you stay on track and reach your financial goals.

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