Creating A Budget

Before creating a budget, it’s critical to see where you’re spending your money. If people have never created a budget before, they usually underestimate how much they spend in certain areas (& it’s usually well below what it really is!).

You can start by simply writing down what you spend on a daily basis but ideally you should do it over the period of a month. You can also get a quick idea of the big bills by looking at payments the previous 6 to 12 months (e.g. mortgage, rent, electricity, phone etc.)

Prior to beginning, you need to estimate the expected annual bills under several headings which are listed below.

To the total estimated figure of bills a further contingency amount is added (Usually 5%) to allow for unforeseen extra expenses. We also add a small charge to cover our administration costs for managing the budget.

This overall figure is then divided by the number of wage payments the member receives in the year (52, 26 or 12 depending on the frequency of payment).

The resulting sum is deducted at source from wages, salary or pension or from your bank account as decided by you.

Typical Budget Categories:
Category
Code
Rent/Mortgage
B01
Bank Standing Orders
B02
Hire Purchase
B03
Creche
B04
Digital T.V.
B05
TV Licence
B06
Telephone
B07
Medical Expenses
B08
Car Tax
B09
Car Insurance
B10
Car Repair
B11
Mobile Phone
B12
ESB/Airtricity
B13
Bord Gais Gas
B14
Fuel
B15
Insurance - Life/House
B16
Ground Rent/Water Rates
B17
School Fees
B18
Club Fees
B19
Holidays
B20
Christmas Expenses
B21
Refuse Charges
B22
Miscellaneous
B23
Clothing/Footwear
B24
Communion/Confirmation
B25
Home Decoration
B26
T.V. Rental
B27
Bord Gais Electricity
B28

Call us on any of the numbers below and we’ll get a budget card out to you and help you to complete it if needed or Download One Here.

Dublin 01 844 5187

Cork 061 715 402

Shannon 021 431 9868