2.3 If your budget won't balance:

Explore the chances of increasing your income
Go back over your expenditure - consider cutting back
Revise your priorities
Work together - involve the family
Become more resourceful
Seek advice from someone else

When your budget does balance:

Organise your finances as a cost-effective business
For peace of mind arrange for automatic payments on regular accounts
Be prompt with payments
Keep clear records and file details regularly

And keep in mind:

Be flexible - work out a new budget whenever financial circumstances change for the better or the worse.
Avoid impluse buying - wait a week before deciding to purchase an expensive item as priorities can change overnight.
Shop around as different stores offer almost exactly the same products. The instant satisfaction may not be worth the stress of any debt incurred.
Be realistic with your goal setting - this will lead to a lot more enjoyment.
Once you get into a routine with your budgeting it will become second nature. The hardest part of budgeting is getting started.

The aim here is to make sure the spending stays within the limits you've set. But there's a second aim: Very likely you will discover that some of the goals you set were unrealistic. If so, adjust them. No point in giving yourself an unreachable hurdle. Often it takes two or three revisions before you achieve a budget that you can really stick to.

Tips for Money Management

Not having a grip on your expenses. If you don't know how much you're spending, it's impossible to stick to a budget or financial plan. Watch impulse buying!
Not paying off high cost- high interest debts first. If you have several debts that are very high interest think about consolidation or leveraging your mortgage (if you have one).
Don't over extend your credit card.
Not having an emergency fund. Try to save three to six months worth of living expenses to get you through a financial crisis like a job loss or illness.
Not having an adequate insurance policy. You can never predict the future and comprehensive insurance policies are vital.
Poor investing practices. It is important that you diversify your portfolio, to reduce your overall risk.
Not keeping financial records. Avoid keeping haphazard financial records- you need to be prepared at tax time and make it easy for your family in case of emergency. Keep a list of all your investments, bank accounts, credit card numbers and insurance policies in a safe place.
Not planning for retirement early enough. Start before it is too late.

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