Everything you need to know: About Budgets

The key to managing your money effectively is all about creating healthy habits. Just like juggling or learning a new language, financial fluency takes time and a bit of practice. In its most basic form, budgeting is creating a plan of how and where to spend your money. For some, this may seem complicated, but with Yolt, building your way to a balanced budget just got a lot easier.

So, where do I start?

Before you deep dive into your annual accounts, it may be helpful to take a few minutes to define a few goals you want to achieve this month. Perhaps you'd like to save for a holiday, set aside money for the future, spend less on eating out or even get out of debt. Whatever your goal is, be sure to write it down somewhere clear for reference and motivation.

Next, open your Yolt app, navigate to the 'Actions' tab and tap on 'Set budgets'. Create your first budget by tapping on the plus sign and selecting a category you'd like to track. On the next screen, choose how much you'd like to spend on that particular category for the current month. So for instance, if you're a big Coffee drinker and would like to spend less on your morning must-have, it may make sense to create a budget for it. If your usual spend is around £50 per month, try setting your budget to £40. Once you've selected your amount, tap on 'set' and voila! Repeat this process for as many categories as you like.

Bite-size budgeting

Now you can get on with living your best life while spending smarter — simple! If you're in need of a little nudge from time to time, we've got you covered, just activate budget notifications (in the Settings menu) and you'll receive alerts as you approach your target spend. A handy tip to remember is that a budget isn't a punishment. Be realistic and take tiny steps if you have to (Rome wasn't built in a day etc.). Plus, there's no such thing as the "perfect budget". Your funds and priorities may vary from month to month, so you'll have to play around to find out what truly works for you.

If you haven't yet, check out Yolt! Try it out for free on iOS and Android! P.S Don't forget to share your top budgeting tips with the Yolt community by tweeting @getyolt!

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