3. Keeps you on top of what you're spending
You'll be surprised at how much you spend on essential things, like bills, rent/mortgage, and food. Most of us will have vastly underestimated our monthly or weekly spend by forgetting how much we spend on other items like TV license and commuting.
Laying all of your expenses out clearly will help you plan better while identifying areas where you might be able to save some money. Changing your mobile phone contract or switching to a more affordable tariff with a new energy provider are just two areas where you can make some savings.
4. Makes it easier to stay aware of your savings and debts
We have already said that the budget planner helps you stay on top of what you are spending but what about the money you are putting away or using to pay off debts? A good budget will keep you aware of when your debts will be paid off and identify when you may have additional money that you can redirect into savings or spend on an occasional treat.
5. Helps you tosave forunexpected costs
It's always safe to expect the unexpected. If your boiler breaks in the middle of winter, or your oven stops working, you'll want to make sure you have some money set aside to deal with it. Careful budgeting can help take the sting out of unexpected bills by making sure you have a pot of money to fall back on when you need it the most.
