What to consider when making a budget

Budgeting can be tough. It takes time and energy to consider all of your expenses and decide how to save and spend your money. However, with the increase in the cost of living, people are feeling the financial pinch, and budgeting is a great way to understand your financial profile and help ensure you are meeting your goals

When you’re making a budget, the first thing you may want to do is start cutting expenses. However, take a step back and begin by first considering your needs and wants and your general spending habits and preferences. This exercise helps you understand your current expenses and the financial goals you would like to work towards. Everybody will be different in these respects, so it’s important to assess your own situation on an individual basis.