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How to set up the right budgets
How to set up the right budgets

How to set up the right budgets

As with anything new in life, it’s the same with starting to budget. You might have questions how best to start, or whether you did everything right. 

But it is actually really easy to set up and run a budgeting book. And the results are immediately recognizable.

First of all, you can not go wrong, so put aside all the excuses and get started! No, really, do it immediately - just spend an hour tonight, tomorrow or on the weekend and start setting up budgets. 

But why even have a budgeting book?

Well, consider your budgets as tools to make sure you always have enough money for the important things. You only budget with money that you actually have in this moment right now. That means you're not budgeting with money you will get in three weeks, or with your next paycheck. 

Here you can read more about how budgeting can change your financial life.

Compare your income and expenses

Get an overview of your expenses and obligations first. Check your account balance and realize how much money you have right now.

And where to start?

It's best to start with your permanent expenses, which are recurring every month. What expenses do you have each month? These include, for example, your rent, mortgage, utilities, telephone bill, food, etc.

In the Zuper app, there are already categories you can use for your budgets, but you can also create your own custom categories for your more individual budgets. 

What's next?

Do you have debts, such as credit cards, student loans, or the repayment of your car? Consider these as well. How much money is needed for these expenses each month? Create a budget for these things as well.

Do not forget a budget for leisure activities, hobbies, eating out or shopping. If you omit all the fun in one fell swoop, your budgeting adventure is unlikely to be sustainable. And you'll ignore your budgeting plan faster than you want.

Which tools are best for budgeting?

You can budget in a classy way with pen and paper, and regularly write down everything into a book. There are already many templates and at the end of the month, you then calculate everything together and take stock. 

This is a good way to start, which is easy to implement if you want to start right away. However, the handwritten version is probably not a version you will use for long time, because you quickly forget to write down every expense and it can be to effortful and exhausting in the long run.

You can also budget with Excel. Here you can manage your expenses by creating a spreadsheet and then regularly add you income and spendings. The Excel template then calculates the sum of your costs and deducts them from your earnings. 

The Excel version is certainly arranged clearer than a physical budgeting book, but here, too, all income and expenditure must be added manually by yourself. 

But thanks to 2019, there are already many apps that do the calculating part for you. With the free Zuper app you can easily integrate all your accounts and get an overview of all your income and expenses. This is fast and relaxed, because the app takes over the automatic evaluation for you.

Stay flexible

Budgets are always changeable, so if you think that you need less or more money for a particular category than you thought at the beginning, you can always adjust it afterwards.

In this way you can get a good overview of your expenses and easily create the right budgets. In the end, each budgeting book will still look different, because each of us has different priorities and goals in life. 

If you want to know more about how to successfully budget, then this article might be interesting for you: The top 4 rules for successful budgeting.

Elisabeth Hulin
Junior Marketing Manager @ Zuper. Elisabeth is an open-minded storyteller with a passion for self-improvement and unexpected connections. Her articles are packed to the brim with new ideas, guides and tutorials to help you save more money every day!
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