The Budgeting Mum guide to Budgeting!

• Table of Contents

  Spreadsheet

  Snoop

  Monzo

Okay, who here budgets? Be honest! I know budgeting can feel overwhelming, and it's easy to ignore the need for it. But creating a budget doesn't have to be daunting. Think of it simply as making a plan for your money. Whether you earn a little or a lot, it's essential to know where your money is going to ensure it's working effectively for you.

When my husband and I bought our house at 20, we began dedicating an hour each month before payday to do our budget together. We learned the hard way that waiting until after payday led to a cycle of overspending in the first week and being broke for the rest of the month. So I really think it’s important that making a plan for your money before it hits your account is crucial to avoid this.

Here are my top tips for burden-free budgeting:

1. Use a spreadsheet

Start with a simple spreadsheet to track your income and expenses. I've created a free one you can download here. It doesn't need to be complicated, but you should know what's coming in and going out each month. Make sure all your bills are accurate and unchanged.

You’ll need to consider your plans for the month. Are there any events or birthdays you need to account for? Plan ahead and spread costs over multiple months. Once everything is included, check how much money is left over and from here, you can decide how much you want to save and how much to spend. Treat the remaining amount as your ‘float’ for unexpected expenses. You might also split this into personal accounts to allocate spending money, whatever suits you best.

2. Snoop

About 18 months ago, I moved our monthly budget to Snoop, a free budgeting app. There's also a Plus membership which unlocks some extra features, but I recommend starting with the free version to see if it suits you.

So why switch to Snoop if a spreadsheet does the trick? Good question! While a spreadsheet is a good starting point, it's static and requires regular updates. Snoop allows you to link all your accounts, including credit cards, and create a digital budget that you can check on your phone throughout the month. It shows how much you have left to spend in each budget area because it’s linked to your bank account.

Is it safe? Yes, Snoop is regulated by the FCA and has read-only access to your bank account. It also generates spending reports, helping you see how much you’ve spent at particular retailers throughout the year (quite eye opening let me tell you!). I could afford a designer handbag with what I've spent in B&M! 

Stick with it - the more you use it, the better it gets at understanding your spending patterns. You can find it on your app store.

3. Monzo

Matt and I have a joint account with Monzo, a digital bank that has been game-changing for us. If you’re not familiar with Monzo, it allows you to create ‘pots’ within your account to separate your money - it’s so easy to do!

After creating your budget, you can move money into these pots. For instance, you can have a pot for groceries, and when you go shopping, transfer money from this pot to your main account. This way, you clearly see how much money is truly available for spending.

Monzo also lets you set up a ‘bills’ pot, from which direct debits are taken. This visual separation helps us to easily see how much is allocated for bills and how much is left for spending.

Summary

Budgeting has been life-changing for us as a family and it really doesn't have to be a chore. With tools like spreadsheets, Snoop, and Monzo, you can take control of your finances. My top tip would be to start small, stay consistent, and soon you'll find budgeting becomes an effortless (and maybe enjoyable!) part of your financial routine

Disclosure: Some of the links in this blog are affiliate links. This means we may earn a commission if you click through and make a purchase, at no additional cost to you.

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