Lisburn CAP Debt Centre Manager discusses the benefits of setting a budget
and live on Freeview channel 276
With many of us having experienced first hand how the current cost of living crisis has driven down household living standards, lots of people have adopted the art of budgeting to help them through this time. Whether you’ve never budgeted before, or have felt prompted to return to wiser habits, budgeting can bring great benefits.
When you start budgeting, you’re better placed to work out what financial goals are realistic and you can work towards.
It may be saving up for a new car, taking a summer holiday or some day trips. Some goals may seem unachievable but once you start budgeting you may realise they are actually within reach.
When you create a budget, you’ll immediately see what you’re spending your money on. Creating a budget will involve you consciously allocating money towards something you want to spend it on, and actively reducing overspending in another area you may not have been aware of.
We’ve all been hit by an unexpected cost, like the boiler breaking, a problem with your car or a hole suddenly appearing in your winter boots. Creating a budget will involve regularly setting aside some money for emergencies so that you’re ready to react and not thrown into financial disaster and soaring stress levels when they happen.
Learning how to budget ultimately helps us gain more control over our finances, which in turn dials down our emotions, our stress levels, and their effect on our physical health and mental wellbeing.
Setting a family budget can help improve communication and draw families together.
If you or someone you know is struggling with finances, call CAP on 0800 328 0006 for free expert debt help.
Christians Against Poverty (CAP) is a UK charity working with over 800 affiliated churches to deliver debt help, budgeting guidance, support to find work, life skills groups and more.