Here at Readyr, we understand that budgeting can seem daunting, especially if it’s not something you’ve done much before. However, creating a budget is the best tool in your arsenal for anyone taking control of their financial journey. We’re here to empower you and help you get started with our budgeting 101 guide.

Crucial Aspects & Steps for Empowered Budgeting

Distinguishing Between Needs & Wants

• Understand the fundamental difference between essential needs and discretionary wants.
• Prioritise necessities like mortgage, utilities, groceries, and insurance.
• Address high-interest debts to free up your budget.

Review Your Financial Snapshot

• Utilise online banking or traditional methods to review your statements.
• Allocate specific amounts for each category based on realistic limits.

Compare Income vs. Expenditure

• Unveil the magic by comparing your income with your expenses.
  Recognise your financial choices and align them with your goals.

Choose a Budgeting Method

• Explore popular methods like the 50/30/20 budget, Zero-Based budget, or Reverse budget.
• The 50/30/20 budget is: 50% dedicated to vital expenses such as accommodation and utilities, 30% to desires like leisure and self-care, and the last 20% goes straight into savings, encompassing retirement and unforeseen emergencies.
• Select a method that aligns with your circumstances and goals.

Build Your Emergency Cushion

• Establish an emergency fund covering 3 to 6 months’ worth of essentials.
• Consider various savings options for growth and financial security.

Assign Timeframes & Goals

• Align budgeting periods with your income schedule for effective management.
  Set aside time regularly to review and adjust your budget.

Prioritise Retirement Savings

• Never sideline retirement savings; capitalise on employer matches if available.
• Explore various avenues for savings and investments.

Lay the Groundwork for Future Goals

• Start saving for future goals while ensuring your financial foundation is secure.

Allocate Fun Money

• Allow for discretionary spending to balance responsibility with enjoyment.

Review & Adjust Your Budget

• Dedicate regular time to review and adjust your budget, ensuring it aligns with your evolving life stages.

Taking Charge Of Your Money

In the midst of a busy life, budgeting can easily be pushed aside. Follow Readyr’s tips to take charge of your money, pave the way to financial aspirations, and endorse your freedom to allocate funds as you see fit. Budgeting with Readyr is your ladder to monetary success, grounding you in the reality of available funds, empowering you, and never overwhelming you.