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Planning with money & budgeting
Part 1
  • Planning with money & budgeting:
  • - Ways to spend your money
  • - Budgeting
  • - Prepare for the unexpected
  • - Complete your budget in 5 easy steps
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    • Planning with money & budgeting:
    • - Ways to spend your money
    • - Budgeting
    • - Prepare for the unexpected
    • - Complete your budget in 5 easy steps

There are many ways to spend your money but with planning you can spend your money wisely to ensure:

  1. You cover all your basic needs, e.g. your rent
  2. You are saving for emergencies, e.g. an unexpected expense related to health care
  3. You are saving to making your goals a reality, e.g. saving for a deposit on a home you want to buy
  4. You are saving for your retirement, e.g. so that you can be financially independent

A financial plan is often called a budget and should include all your sources of income (that is any money you receive) as well as your expenses (the things you spend money on every month).

Putting together a budget can be intimidating but the best place to start is by thinking about what you need to survive and the things you want.

What is a need, what is a want?

There are so many things to spend money on and everyone will have a different idea about what they need and what they want. But generally the things we need are groceries, rent and transport money. These are the basic things we need to survive. The things we want are the ‘nice to haves’, these can range from new clothes, a new cellphone or a pay-TV subscription through to treats like sweets, chocolates, takeaways, cool drinks and holidays.

The most important thing is that you know what YOUR needs and wants are.

 

 

Learn how to balance your needs and wants
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