Beginner Budgeting

Some people struggle to get motivated about saving, but it’s much easier if you set a goal. Take a moment to think about what some of your savings goals are, and consider writing them down.

The first step to achieving them is to create a budget. If you’ve never made one before, it can seem daunting – but fear not, NuWealth is here to help.

One of the easiest ways to budget is using the 50/30/20 budget for smart money management. Put 50% of your income to necessities, 30% to wants and 20% to savings!

Write down your income, and then divide it up into these 3 sections, so you know how much you can spend for each. Then make a list of your common expenses organised into the relevant section, like rent, car payments, and food. Once you’re done, you’ll be able to see where you’re spending a little too much, or whether you can save a little more.

It doesn’t have to be exact or extensive, even a simple budget like this can help you become more aware of your spending, and help to start making healthier financial decisions. Keeping your goals in mind can also help you to keep on track!