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Carers Personal Budget – How Budgeting Works & How to Get Started

Carers Personal Budget

Welcome to our Carers Personal Budget blog where we will be discussing budgeting in length. We often hear about budgeting and automatically have a generalised understanding of what it means and how it works, but when broken down, there is a lot to take into consideration. In simplest terms, budgeting is a spending plan that you create to help you achieve a financial goal, such as purchasing a house, a car, or a holiday.

Budgeting can involve a more complex list of financial expenditures, but at its core, there is no right or wrong way to budget. There are lots of popular formats to learn budgeting, such as the 50/30/20 method. The 50/30/20 method suggests that you spend about 50% of your monthly earnings on necessities, 30% on wants, and 20% on savings.

Why is budgeting important?

There are multiple benefits to budgeting, not just for those who struggle financially and are looking to get “better” with money. Budgeting encourages you to live within the means of your budget and to work out what’s possible. You can think of a budget as a stepping stone to your financial ambitions and goals.

Understanding Your Relationship with Money

Understanding and tracking your expenses helps determine how much you have to save and/or spend. Once you have been able to identify any patterns within your relationship with money, you can make adjustments.

Relieve Stress

Money causes a lot of us stress and anxiety, but by budgeting, you can help manage your finances and prepare for rainy days. Here are some steps to help you on your budgeting journey:

Budgeting Tips


1. Start small

2. Budget with your partner


3. Remember that every month is different


4. Decide why you are budgeting


5. Test out different methods


6. Leave room for random surprises


7. Revisit and reanalyse your monthly budget

Carers Personal Budget Support

If you need a little outside support, there are a range of organisations that can help you. Below, we have listed some organisations that can help you help you budget.  

Citizens Advice

Citizens Advice can offer advice and support concerning debt management, budgeting, benefits, and much more. Why not reach out and speak to your local Citizens Advice to see how they could help.

Citizens Advice “Work Out Your Budget” Tool

Age UK

As one of the UK’s leading charities, Age UK can offer support to people aged over 66 that are struggling financially. For more information, or to see how Age UK could help you, visit the Age UK Website.

Money Helper

Money Helper, formally known as the Money Advice Service, offers a wide range of guides to managing money–especially during unpredictable times. They also offer free, confidential debt advice. For more information, visit Money Helper’s Website to see how they could support you.

Money and Finance Support

Whether you are looking for information on mortgages, borrowing money, credit cards, or any other financial service, we have support pages that can help you.

Disclaimer: This blog post was written and shared by Discounts for Carers and is intended to inform readers about the topic at hand. Before engaging with any financial product, please speak to a professional.

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