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Budgeting, a gift for yourself

For many of us, budgeting is a tedious task. It’s the best way to manage our finances. In fact, it’s the best gift we could give ourselves at the start of the new year. We’ll tell you why, but first let’s find out what “budgeting” really means.

What is budgeting?

A budget is a plan that forecasts your expenses and savings over a set period of time. It includes the following items:

  • A detailed list of your fixed costs;
  • A detailed list of your variable expenses, to be renewed each time;
  • A summary of your income over the defined period.

You can draw up the plan on paper or on an electronic tool such as Excel. The last option is much quicker and more practical. We also have a tool prepared for you.

Budgeting: what are the advantages?

More control over your money

Drawing up a budget gives you an overview of your expenses. You can then compare them more easily with your income. This also makes it easier to spot superfluous or even unnecessary expenditure. You can then readjust them if necessary. In other words, this process allows you to better manage your finances. So that at the end of the month, you have savings. It will also prevent you from falling into debt or bankruptcy.

Reach your goals more easily

You can have various monthly goals. It could be an obligation or something close to your heart:

  • Repayment of a loan;
  • Buying a property;
  • Retirement savings.

You’ll reach them more easily if you keep your finances under control. In addition to reducing expenses, you can, for example, re-prioritize your projects. Some can be put off until later, so that you can allocate more money to your current goal. What’s more, good planning will enable you to bring more projects to fruition over the long term.

Better prepare for the unexpected

Some expenses are impossible to predict. This includes, for example, illness or the cost of repairing damage caused by natural disasters. However, you need to be prepared so that you can deal with them without touching your savings or going into debt. Your budget will then have to include a “contingency” section. If all goes well, you can :

  • In other words, save the money;
  • Or you can use it to cover additional costs that you had to eliminate.

In conclusion, making a budget will help you avoid many financial problems in the future. Especially when the unexpected happens. It will also help you save money, whatever your income. And that’s by adjusting your expenses. Finally, adopting this attitude will help you reach your goals more easily and achieve more projects. Much more than a chore, budgeting is ultimately a gift you give yourself. This could lead to financial freedom and, above all, a more peaceful mind.

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