Keeping a budget could help save you a small fortune. Just think of it as a financial plan for saving and spending that's unique to you and the way you live.
A good budget should track what comes in and what goes out of your bank account each month, because it helps to see where your money goes before you decide where to make savings. That way, you'll not only start saving money but make informed decisions that could change your finances for the better.
1 Set up a basic budget by logging your money coming in and going out. Be honest with yourself and try to include everything you spend.
2 Not sure where your money goes? Take a look at your statements to check your incomings and outgoings. Or try keeping a spending diary for a month - you might well be surprised!
3 Include the things you buy once a year, such as car insurance, by estimating the monthly average. And don't forget to add your debt repayments, too.
4 If you're overspending, ask yourself if it's absolutely essential. Is there anywhere you could make savings?
5 Check your balance regularly and stay in the know. It's easy to do this at our ATMs or by using Offshore PhoneBank, Internet Banking or Telephone Banking