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Getting your budget back on track

If the budget you set yourself has fallen by the wayside, now’s the time to get it back on track. The longer you wait, the harder it may be to get to where you want to be.

Here are some tips to get your spending back under control.

How to budget your money

1. Set a new financial goal

Give yourself a specific goal to work towards. Your target could be anything from wanting to save more to working towards reducing any debts you may have. It can be as big or as small as you like, just make sure it’s realistic.

2. Take a step back

It can be helpful to take a look back at your finances and see where your original budget went wrong. Were you too strict, or not strict enough? Were there other factors at play?

Analyse your spending over the past few months to see where things haven’t gone as they should. It may help to look at each of your spending categories and see whether you met your target for each.

Based on these insights you should be able to better prepare yourself for the future. For example, if your original budget had an unrealistic target for spending on food this is something you can change in your revised version.

Explore more: Understanding your spending

3. Create a new budget

Whether you want to use elements from your previous budgeting plan or you want to start the whole thing afresh, creating a new budget can help you set things right. Make sure you use the insights from your previous analysis to inform your new budget.

4. Get motivated again

Think about the reasons you're using a budget and use them to motivate yourself. Making sure they’re always front of mind can help to ensure you stay on track. You could write down your goals and place them on the fridge so you see them every day or set mini-deadlines to review how close you are to achieving your target.

Explore more: How to save money

What next?

If you’re wanting to increase how much you’re saving, you could try opening a savings account. It will give you somewhere separate to keep your money so you’re not tempted to spend it.

If you’re wanting to reduce your debt, there are a few different strategies you may be able to use to pay it off faster.

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