Budgeting: Digital tools to support

We know that sticking to your budget is hard which is why we recommend automating your spending. This is when you set up a system that automatically helps you manage your money, which means that you don’t have to remember to do this each time you are paid. 

Try to line up bill payments with your payday. Plan ahead for bills that come less often, like your TV licence or your car insurance so they don’t catch you by surprise. Irregular payments can be tricky to plan for. Planning helps you to monitor your outgoings, which gives you peace of mind.

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 expenses as well as save. These are effective budgeting tools that allow you to set up pots that can be used for various purposes. For example, one pot for emergencies and another for lean periods like Christmas, Eid or birthdays. 

Some apps also let you see all of 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 one that works best 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 any lean periods.

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