Beginners Guide of  How to Budget

Chloe | It's Not your 9 to 5

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Budgeting is an important element of effectively managing your money. However, it can also be a daunting task especially if you are a beginner.

Making your budget as simple as possible will allow you to start taking control of your finances, even if you’ve never done this before.

Here are  7 Simple and Effective Strategies for Beginners to Start a Budget

Set a Baseline 


This simply means to work out how much you earn and how much you spend for at least the last 3-6 months.

Use the 50/20/30 Rule


50% of your income (after tax) to ‘NEEDS"; 20% of the income should go to your ‘SAVINGS’; – 30% on ‘WANTS’. 

Chloe | It's Not your 9 to 5

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Break Your Expenses into Categories. 


Following the 50/20/30 rules, you can break your expenses into different categories.

Pay Money Into Your Savings First 


Plan to put money into your savings account as part of your budget and pay yourself first before you worry about other expenses.

Pay Your Bills Online 


Automate your bill payments as much as possible so that you don't risk missing a payment by accident.

to follow the step-by-step guide on how to budget for beginners

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