Logo

Do you struggle with budgeting?

Posted in: Finance Last updated: 17 Aug 2015

If you do, you are not alone – most of us have difficulties tightening our purse strings at one stage or another. However, it's important to remember that it's never too late to start taking control over your finances. We'll take a look at some of the ways you can make small cutbacks and smart saving choices to help you to budget successfully.

In the words of Martin Lewis of MoneySavingExpert.com, when considering whether to make a purchase, ask yourself "Will I use it? Is it worth it? Have you checked prices elsewhere?" It's a simple but effective piece of advice to go by for non-essential items.

But what about items you do need to buy on a day-to-day basis? It's worth writing down your daily expenditure, so you can see exactly how you're spending your money. Every week or two, have a look at the list and work out if there are ways you can make small changes to lower your expenses – whether it's buying an own-brand variety of washing powder or switching to a cheaper mobile phone contract.

Beyond budgeting when making essential purchases, it's a good idea to take a look at your family investments. A Family Bond may help you to start saving a little more, allowing you to invest your finances on a monthly or annual basis, over a certain period of time.

Perhaps you want to encourage your children to start learning about the importance of nurturing savings? The Junior ISA may be a good option. It's worth finding out which accounts are available and making an informed decision. With a little research and planning, you can open the savings account that works best for your family.

If there are children in your household, you're eligible for tax credits. Are you unsure which benefits you could be entitled to? Answer a few questions using the tax credits and benefits calculator to find out. Alternatively if you need a little extra help to provide for your family, you may be eligible for the OneFamily personal grant. Whether it's a replacement washing machine or a new pair of glasses, if it helps to make life that much easier the personal grant could make a real difference.

Making a budget plan and sticking to it is generally a great way to keep on top of your spending, but if you're struggling to budget there are plenty of ways you can find support – whether it's in the form of a grant or a family savings account. For further details about ways to help you budget for your family, you'll find information at OneFamily.

Note: Whilst we take care to ensure Hub content is accurate at the time of publication, individual circumstances can differ so please don’t rely on it when making financial decisions. OneFamily do not provide advice so it may be worth speaking to an independent financial adviser about your own circumstances.