Worried about how to budget

Many of us have good intentions when it comes to budgeting, promising ourselves to spend less and save more. But it's not always that easy.

It’s important to know your monthly outgoings, and how much money that leaves you with. One easy way to cap your spending is to set a budget and stick to it.

Here’s our quick guide to getting started:

• Gather your bank/credit card statements and make a note of your fixed monthly bills, including subscriptions.
• List your variable expenses such as groceries, eating out, transport and clothing. Everything you regularly spend money on that isn’t a bill. Try to be honest.
• Record all sources of income including pay slips, and any other regular income per month.
• Compare your total income with your total expenses – both fixed and variable. Are you spending more than you earn every month, or do you have money left over?
• If you’re spending a bit too much, now’s the time to review your subscriptions (see below) and variable expenses to see where you could start saving money.

Manage your subscriptions

Signed up to a free trial and forgot to cancel the subscription? Paying for a streaming service you barely use? You’re not alone. We all love our films and music, but those subscriptions can add up. Cancelling just one monthly £10.00 direct debit could save you £120.00 over a year.

There are many subscription management apps available to download for either IOS or Android that can help you to keep track of not only your outgoings, but renewal dates, auto-renew settings etc. Some of the apps are available for free while others have in-app purchases or other charges. You should search for reviews and opinions of these apps online or make use of free trials before making a choice based on your needs.

For more help and support on planning your finances click the links below to handy downloads, information about savings and support from MoneyHelper.