![]() ![]() Having a budget can help you prepare for other emergency costs, such as needing a new boiler or car tyres. If you’re looking for inspiration on the kinds of goals that you can achieve with budgeting, visit our guide on:įinancial goals and tips to achieve them. And whatever your financial goals are, creating a budget will be critical to their success. Helps in achieving your financial goalsĪs we’ve already mentioned, setting a budget can help you achieve your goals.Īlthough 2021 has started in a continuous state of uncertainty, many of us are still pushing ahead with goal-setting.To find out how to budget better and trim your bills, visit our guide on: Having this understanding helps you make informed decisions when contemplating purchases or new subscriptions. Once you add these all up, your outgoings may be more than you expected. Many of us fail to understand how much we spend on outgoings, but budgeting can put you back in control.Ī budget can give you an accurate view of your bills, mortgage / rent, and other expenses such as entertainment subscriptions, fuel or public transport costs. That’s why budgeting to provide security is so important. There are many other events out of our control that we may not want to think about (such as bereavement, illness, or injury) that could impact our finances at any time. The coronavirus pandemic has shown us all how unpredictable life can be and reminded us of the importance of a budget. ![]() On the other hand, if you’re able to continue earning but have fewer outgoings due to ongoing restrictions, you could use this time to save and build up an emergency fund. If you’re currently struggling financially, budgeting can help you cut unnecessary expenditure and get back on track. But it’s not too late to start budgeting – even during hard times. Those who had already been budgeting may have had a safety net to help them during this period. Many of us have been financially affected by coronavirus, and lots are struggling with a sudden change in circumstances.Ħ4% of people who suffered a loss of income in 2020 are worried about being unable to pay a large, unexpected bill, according to our research into the impact of the pandemic.Īlthough a pandemic may be an extreme scenario, budgeting can help when circumstances like this do occur.
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