Adjusting your budget

You have to look at your budget regularly and adjust it if things change.

You also have to think about your future plans and make sure you that you save enough to be able to meet your financial goals. Remember that you set your own goals, so it is up to you to meet them.

It might mean going without some of the things you want, which will be difficult in the short term, but you will be glad in the long term if you meet your financial goals.

You will only be able to fill in the "actual expenses" column on your budget if you know what you have spent. Therefore, keep the slips of all your expenses, as well as all of your bank and ATM transactions, and use these when you update your budget at the end of the month.

Take control of your money
To learn to budget is a very important life skill. To budget successfully you only need the will to take control of your money, a calculator, some paper and a pen. It's really easy.

• Write down all the money you get in.
• Write down all your expenses: what you spend and what you have to pay back on loans.
• Work out your income minus your expenses.
• Work out a budget you can stick to.
• Check at the end of the month if you have spent what you budgeted for. If not, decide:
  − Where you can reduce your expenses on unnecessary items.
  − Whether your budget is perhaps unrealistic.
  − Whether you have to adjust your budget.

Work out a plan
If you spend too much, work out a plan. Don't just say "I must spend less." A plan could work like this:

• I spend too much on cellphone and takeaways.
• I can spend less if I sms rather than phone and if I buy takeaways only once a month and rather prepare food at home.