If you can afford to treat yourself to a takeaway once in a while, factor this into your budget and meal plan so that you don’t buy more food than you will eat. Although cooking from scratch - particularly in batches - can help you maximise your budget, it’s important to be realistic with your cooking abilities and time. Meal planning is still useful when eating pre-prepared food or even eating out. So, you’re not only saving money, but you’re helping to save the planet too. Meal planning prevents you from accidentally letting the food you bought go out of date and into the bin. According to Materials Recovery, 70% of this waste is coming from households so we can all make a difference. In 2021, the UK generated over 9.5 million tons of food waste. Staying aware of the food in your kitchen will also help you reduce food waste. This can prevent excessive - and expensive - top-up shops. Simply writing down what you will eat and when can help you understand the food you already have. On average, a British family wastes a whopping £810 worth of food each year ( source). Planning your meals for the week ahead is a great way of managing your money and staying within your food budget. It may seem basic, but food is something so many of us overspend on. One of the most common budgeting tips is meal planning. Having online banking means you can access your finances 24/7. Using online banking also helps keep you in control when your bank’s branch is shut or you’re unable to get there. Others will let you set up virtual pots so you can set money aside for certain purposes without needing multiple accounts. For example, some banks automatically categorise your purchases so you can see a breakdown of what you spend your money on without having to build your own spreadsheet. Take advantage of these and see what tools work for you. Many online bank accounts are constantly adding features that can help with budgeting. There’s no need to wait for a bank statement in the post to see the money you have going out or coming in. You can easily check your bank balance and your transactions. Take advantage of your online bank account’s featuresĬarrying out your banking online can also be useful when tracking your spending.You can move money around in whatever way works for you - all from the palm of your hand. Or you may have a current account for your disposable income. For example, you might want to put some money straight into a savings account. And once you’ve worked out your budget breakdown, you can put money aside for set purposes using your online banking. Once you understand what you spend money on, you can use this to inform your budget. This enables you to track all your spending in one place. Some of these budgeting apps can link multiple bank accounts. Some popular free options on iOS and Android include Money Dashboard, Bean and Emma. These apps can help you plan out your monthly expenses. There are some great budgeting apps available to download on smartphones which can give you a real grasp on how much money you’re spending - and what you’re spending it on. Use an app to plan your budget (and track spending).In this guide, we've rounded up some helpful tips for sticking to a budget and saving money. It’s also the first step to reaching savings goals. Understanding our spending habits - and recognising how we can change these - can give us more control over our finances. By doing this, you’ll only be left with the 30% allocated to “wants” in your bank account, which you can then spend during the month without worrying about whether you are overspending or not meeting your budgeting goals.Many of us want to know how to budget and save money. This means that your income is automatically divided at the beginning of the month in accordance with the 50/30/20 rule. If you decide to opt for the 50/30/20 method, consider automating your expenses each month. The 50/30/20 rule was actually created by US senator Elizabeth Warren, a bankruptcy specialist at Harvard, as a way to show American citizens how to budget and save money and how to budget money on a low income. 20% goes into your savings or towards paying off debt. your variable costs such as eating out, trips to the hairdresser and clothes shopping.
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