The holidays may already seem a long time ago, but the university year has only just started. Wasn’t it great to be able to switch off your alarm, spend time with your friends, go away and swim in the sea? But before you start thinking about your next holiday, make the most of this new university year!
My budget, my well-being
Do you find yourself brooding about your financial situation and not achieving your goals for saving and investing for your future? Making a financial plan can have a positive impact on your well-being. But how do you set a budget and stick to the plan? Discover our tips for becoming more Zen about your finances.
It’s a list of all your sources of income (wages, allowances, income from rental properties, etc.) and all your expenses (e.g. household, rent, loan payments, car payments, taxes, phone bills, childcare).
You can start off by writing it all down in a notebook or a spreadsheet on your computer, but there are also apps available for your smartphone.
Here are some arguments in favour of a budget:
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it helps you control your spending habits and enables you to identify areas where you could , for example, reduce impulse buying.
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it helps you achieve your financial goals: whether you want to save for a car or a house, repay your debts, or build a “rainy day” savings fund. Having visibility on your financial transactions will help you achieve these goals every month.
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it helps you avoid getting into debt: without a budget, it is easy to spend too much and accumulate debt. A budget will help you to avoid spending more than you can afford.
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it helps you plan for the future: a budget will help you plan for future expenses, e.g. holidays or renovation works. By setting some money aside each month, you can avoid going into debt to pay your projects.
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it reduces financial stress: yes, having a budget can contribute to your well-being by reducing financial stress and anxiety, and improving your sleep 😀.
The better I know myself, the better I can manage my money
When thinking about your budget, it’s important to ask yourself plenty of personal questions, really think about your needs:
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short, medium and long-term projects?
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bucket list: do you want to do a round-the-world trip, take a sabbatical, move into your own house?
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vision: if you look ahead, think about where you want to be in 5, 10 or 15 years’ time?
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entertainment: do you like going shopping, going out with friends? Do you do any other hobbies, sports or expensive activities?
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needs: are you someone who needs to follow every new trend or are you an aware consumer who thinks about sustainability and wants to reduce their environmental impact?
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financial objectives: how much can you afford to save? ...per month, per year?
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professional career: are you looking for good “work/life balance”, do you want to reduce your working hours?
The keys to establishing a successful budget are repetition and consistency.
As you start, set up a notification in your smartphone so that you get into a good routine.
Stay committed!
Adopting a new habit requires effort and engagement.
But don’t worry,
establishing positive habits can significantly improve your well-being and your satisfaction levels.