It is never a bad time to get your finances in order. But for many people, it is difficult to know where to start. We often hear about teacher budgeting and automatically have a generalised understanding of what it means and how it works. But when broken down, there is a lot to take into consideration.
In simplest terms, budgeting is a spending plan that you create to help you better manage your money. It can usually help you achieve a financial goal, such as getting out of debt, purchasing a house, or booking a holiday.
Budgeting can involve a more complex list of financial expenditures, but at its core, there is no right or wrong way to budget, and remember that everyone’s circumstances are different.
Why is budgeting important?
There are multiple benefits to budgeting, not just for those who struggle financially and are looking to get “better” with money. Budgeting encourages you to live within the means of your budget and to work out what’s possible. You can think of a budget as a stepping stone to your financial ambitions and goals.
Understanding Your Relationship with Money
Understanding and tracking your expenses helps determine how much you have to save and/or spend. Once you have been able to identify any patterns within your relationship with money, you can make adjustments.
You may assume that you are good with money and don’t overspend in certain areas. But if you take a closer look at your finances, you may be able to identify any problem areas or areas in which you could make some savings. For example, have you ever made a note of how much money you spend on takeaways or online shopping in a single month?
Relieve Stress
Money causes a lot of us stress and anxiety, but by budgeting, you can help manage your finances and prepare for rainy days. Here are some steps to help you on your budgeting journey:
Budgeting Tips
1. Start small
2. Budget with your partner
3. Remember that every month is different
4. Decide why you are budgeting
5. Test out different methods
6. Leave room for random surprises
7. Revisit and reanalyse your monthly budget
Teacher Budgeting Support
If you need a little outside support, there are a range of organisations that can help you. Below, we have listed some organisations that can help you help you budget.
Citizens Advice
Citizens Advice can offer advice and support concerning debt management, budgeting, benefits, and much more. Why not reach out and speak to your local Citizens Advice to see how they could help.
Age UK
As one of the UK’s leading charities, Age UK can offer support to people aged over 66 that are struggling financially. For more information, or to see how Age UK could help you, visit the Age UK Website.
Money Helper
Money Helper, formally known as the Money Advice Service, offers a wide range of guides to managing money–especially during unpredictable times. They also offer free, confidential debt advice. For more information, visit Money Helper’s Website to see how they could support you.
Money and Finance Support
Whether you are looking for information on mortgages, borrowing money, credit cards, or any other financial service, we have support pages that can help you.
Disclaimer: This blog post was written and shared by Discounts for Teachers and is intended to inform readers about the topic at hand. Before engaging with any financial product, please speak to a professional.
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