June 13, 2024

Finance expert shares top tips for creating a successful budget

Handling finances and budgeting can be complicated, and it’s something that most people have difficulty with at some point in their lives. Many people find themselves with more questions than answers on how to manage their money and achieve financial stability.

However, finances don’t have to be overwhelming. There are ways to feel more in control of your money by being informed and implementing strategies that will keep you on top of things.

Nina Appelgren, a personal finance expert at Lånea, has shared some top tips for creating, managing and sticking to a budget. Nina says that while creating a budget can be an individual task, there are steps that most people should follow to keep track of their money accurately and budget more efficiently. Here’s her top tips for creating a budget:

Track your income

Nina said: “Tracking income is the first step to creating a successful budget. This should include your annual salary including bonuses, any income from side hustles or freelance work, and any benefits that you may receive.”

Consider your expenses

She added: “You should then compile a list of all your potential monthly expenses. This will include rent or mortgage repayments, groceries, utilities and other bills such as phone and Wi-Fi bills, subscription services, leisure and transportation expenses.

“From this, assign a specific amount of your salary to each expense. Prioritise the essentials and don’t forget to factor in savings. Ideally, you can save a portion of your annual salary – around 10-20% is a good amount to aim for. “

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