If you’re struggling to manage your money or to make ends meet, or you feel like borrowing more is the only solution, help is available. Read more about setting up a money management action plan. If you make it a habit, you are more likely to stay on track. You can set a reminder to make sure you review your budget regularly. If your actual spending often varies from your budget, adjust the budget to make it more realistic. You should review your budget from time to time to see how it’s working in reality. Compare your budget to what you actually spend at the end of each month.Update your budget with any changes (increase or decrease in your wages, bill increases and so on).Keep your spending as much as possible to what is in your budget.Be realistic about how much you need, a tight budget is harder to stick to.Now that you have a budget, try to stick to it and review it from time to time. To help you stick to your budget, try to: If you have several debts, you may prefer to use our My Full Financial Picture tool, which includes information about each debt. You can create a customised budget in a few simple steps. Making a budget is easy with our free My Budget tool. Wants are everything else or the things you could live without. Rank your non-essential expenses. Once you’ve figured out your needs and wants, you’re ready to start your budget. Needs are the essential items you need to live, such as paying for accommodation or electricity. Once you know where your money is going, decide which things are your ‘needs’ and which are ‘wants’. Use this weekly spending diary or spending calculator from the CCPC. Every euro you spend affects your overall budget. With this knowledge, you can make decisions about future spending. Tracking your money will help you figure out what comes in and what goes out of your pocket. Identify your short-term and long-term goals. It can also help you to h ave more money for things that are important to you. Making a budget can help you feel better, less anxious and more in control of your money Are planning for a major purchase or a life event.Feel like you’re not in control of your finances.Have problems paying your bills or debts.Why make a b udgetĮveryone can benefit from making a budget, not just people who are having trouble making ends meet. Making a budget takes a bit of effort, but taking the time to do this can really pay off. A budget helps you figure out how much money you get, spend and save. It’s the first step to taking control of your finances. A budget is a plan that helps you manage your money.
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