Digital tools to support

We know that sticking to your budget is hard, which is why we recommend automating your spending. This means setting up a system that manages your money for you, so you don’t have to remember everything each time you get paid.  

This can be especially helpful if you’re deployed or away from home for long periods, as the money moves automatically. Try to line up bill payments with your payday. 

It also helps to plan ahead for bills that don’t happen every month so they don’t catch you by surprise. Like your TV licence, or your car insurance. Annual payments can sometimes save you money, so it’s worth checking the difference, and budgeting ahead if you can. 

While you’re in service, remember that some costs – like a TV Licence – may vary depending on your circumstances. For example, if you’re living aboard a HM Ship, you’re covered by the ship’s TV Licence.

But this might not be the case if you’re in Single Living Accommodation, or service Family Accommodation, even if it’s on base. So it’s worth double-checking what applies to your situation.

Whether you’re a reservist, veteran, or part of a service family, the same principle applies: planning for irregular costs gives you more control. 

There are a number of free and low-cost apps that help you track your spending. Some also help you save, which leaves you better prepared for unexpected expenses.

Most banks offer apps that help you track your spending as well as save. These can be effective budgeting tools because they allow you to set up pots for different purposes. For example, you might create one pot for emergencies, and another for lean periods, like during festivals and celebrations such as Christmas, Eid, birthdays, or Dashain.

Some apps also let you see all your accounts in one place, so you get the full picture – your spending, debt, savings and investments side by side. This makes it easier to see where you stand overall. 

A few even help you save or invest small amounts automatically. Just make sure you do your own research, and pick a reputable app that works for you.

Once you’ve created a personal budget, it’s really important that you stick to it. So, automation is a key tool in managing your budget. 

Once you’ve set this up you can relax, knowing that you are on top of your finances. Just be sure to check your account often, and plan for any lean periods.