September 27, 2024 | Abbie Sorrel-Fleet

Four key steps to budgeting for better financial wellbeing

Join us on November 5th for our FREE Budgeting Workshop, hosted by Rachael Panteney, a highly experienced Financial Advisor and Money Coach.

In the lead-up to the event, we’re sharing some of her expert tips on managing your finances. For full details on this and other free workshops, please visit our events page.

Budgeting is our first step towards building financial resilience.

Here are our four key steps to budgeting…

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Understand your spending

Much like examining the soil around a tree’s roots, it’s essential to understand the environment of our finances. This will shine a light on where your money goes, giving you clarity and control. This will predominantly involve looking at your bank statements, knowing your income vs outgoings etc.

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Being honest about your debt

Addressing debt and having a strategy to clear it while planning for inevitable expenses ensures that our tree has a strong foundation to support future growth.

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Having a safety net

Savings or an emergency fund (preferably both). An emergency fund is to ensure stability during life’s unexpected storms – like broken appliances and car services. While savings helps you meet those goals and aspirations requiring money such as buying a property or a dream holiday in retirement.

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Monitor and maintain

Regular check-ins on our finances ensure we’re on the right path. These sheets are your tools to nurture and monitor your financial growth, adjusting as needed to stay aligned with your goals. By understanding where our resources flow, we can better direct them to areas that nurture growth.

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Why do we budget?

We budget to understand, to nurture growth, to enjoy freedom and flexibility, to adapt where needed, to craft our own financial story while gaining peace of mind for the future.
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Budgeting is a key part of your overall financial plan, which identifies, organises and prioritises your financial goals, then outlines the steps you need to take to achieve them. It will also give insight as to if you’re on track to meet your financial goals or if you need to adjust your spending or expectations accordingly.
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Need help with your budgeting journey? Download our Budget Planner via our resources page.
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If you’d like to book a Financial Planning meeting, either in person or at our offices in Polegate, please call 01323 436680 or click here to book a virtual appointment.
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The Financial Conduct Authority does not regulate advice on cash held on deposit.
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Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited.
11.3.2024.

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