Budgeting isn’t about cutting everything out, says wealth coach Gemma Mitchell. It’s about making sure you can fit it all in.
If you're worried about the rising cost of living in 2025, learning to budget can help — and the new year is the perfect time to start.
Gemma Mitchell, a wealth coach and former financial adviser, says budgeting is about making sure the basics are covered. Ms Mitchell says if you've never done a budget or tracked your spending, it can help to start with something basic.The simplest way to get started is to simply jot down expenses on a piece of paper or a notes app on your phone, Ms Mitchell says."Just start writing it down as you see things come up, or when you pay them. After a month, you're going to have all those expenses written down," Ms Mitchell says.
"The end goal should be to not have to track your spending … spending in line with your values and your lifestyle," Ms Mitchell says.
Financial educator and money coach Natasha Janssens says these systems should be treated as guidelines rather than rules and adjusted depending on your circumstances. Instead, Ms Janssens says it's helpful to have a budget that considers your own financial goals and circumstances.Ms Janssens has a simple system for her household finances, which is built around automation. She and her husband have three bank accounts.— This is the account where your income goes into, and bills are taken out. Ideally, you want your bills set up to direct debit, so they're paid automatically. That includes your rent or mortgage, utilities, and other regular bills.
Personal Finance Saving Sinking Funds Accounts Automating Automation
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