How's the Budget Going?

I can't stress enough that a budget isn't something you draw up with the best of intentions and then stash at the back of a draw to gather dust and never be thought about again. A budget is a constantly evolving work in progress.

Personally I resort back to the wonders of Excel to keep track of mine, recording everytime some money is spent from a certain budget area. I have one column for estimated, one for actual and one for running total, so I know where I am with everything. Some months I'll be under budget and it's great to watch the running total build up. Other months I'll overspend, in which case I'll revisit my budget and see if it needs tweaking to ensure there's enough money available in the appropriate pot. This may mean saving less, or having less money to spend on treats - it's all about compromise unfortunately.

For example, this month I have around £200 saved up for the MOT and Service on my car but the actual figure is going to come in nearer £600. While that's due to extenuating services in this instance it does suggest to me that perhaps having £300 saved by this time next year to cover any extra costs might be quite prudent!

So, if you're not already - start keeping track of what you're spending and tweak your budget to suit your spending and saving needs. xx