Budgeting

About The Video.

Making your Money work for you: a video from Citizens Advice. The video is a good starting point for the bigger subject of budgeting.

Establish good habits.
Pay off debts.
Emergency fund.
Set spending limits.
Look to long-term savings.

NOTE: There is a lot of crossover with my page on Cash Flow.

Wellness.

Be ethical in all your dealings: It is my experience that moral principles are more easily applied to others than to ourselves. This is a mistake. Holding yourself to the same standards as others will not only help you to become a better person but will also stop you lying to yourself.
Know yourself and don't criticise yourself: A realistic budget can only be achieved if it works for you not against you, so allowing for something that clashes directly with your beliefs, needs, desires, wants will not be sustainable.
Be happy: It occurred to me whilst I was reviewing a video for this site that the term 'cabbage soup diet' has become a shorthand for unsustainable misery only useful in the short term. Budgeting needs to be the exact opposite. A good budget needs to allow for your happiness. If that means a 'treat' now-and-then, great don't deny it, build it in - Ars longa,vita brevis (“Art is long-lasting, life is short”).

What's Next?

Most spending is regular/predictable. Working in conjunction with the Cash Flow page you need to create a simple budget -

Make a line-by-line list of all weekly/monthly income and expenditure*.
Split this list into bills that have to be paid (non-discretionary spend) and bills that you have a choice in (discretionary spend) eg. property tax/club subscriptions.
Highlight debt payments eg. credit cards and loans.
Include annual bills as weekly/monthly amounts.
Put realistic limits against each line of discretionary spend.
Do the Maths: Income - Outgoings = Disposable Income.

THEN -

Put all of your disposable income into establishing an emergency fund.
Prioritise and pay off your debts as quickly as possible.
Establish regular payments of at least 10% of your disposable income into savings.

*This list will be the starting point for a Financial Diary an important 'working document'.

How Can I Help?

Follow up today with a Seize Control of Your Money Session:
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Arrange a 'Personal Finance' online group workshop.

It's important to stress the difference between the principles involved in good financial planning that a Seize Control of Your Money session offers and the advice/sale of selected financial products, instruments or services of which we have no direct involvement.

This page will not help people struggling with debt. If you are having problems with debt and cannot pay your monthly bills get help today, putting things off will just make them worse.

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Hello,

'"Success through personal and professional growth..."

The content of this website is based on my experience, education and the hundreds of coaching sessions I have delivered online.

I am also a representative of an FCA regulated company which means that my financial education activities fall under the rules of a very powerful consumer protection body.

The FCA is the UK's financial regulatory body with a wide range of powers designed to protect consumers from firms that do not meet the desired standards. The FCA can; stop firms and individuals from conducting regulated activities. Fine firms and individuals who break the FCA rules. Make any action taken against firms and individuals public. Bring criminal proceedings where warranted. The full scope of their powers can be found in the Decision procedure and penalties manual (DEPP).

Coach Walsh 2021.

Please Note;

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