Budgeting Checklist
Work through each step to create your budget. Tick off items as you complete them.
0 of 12 items completed
1. Calculate your total monthly income
Add up all income sources: salary, freelance work, investments, benefits
2. List all fixed monthly expenses
Rent/mortgage, utilities, insurance, subscriptions, loan payments
3. Track variable expenses for one month
Food, transport, entertainment, shopping - keep receipts or use an app
4. Categorise your expenses
Group spending into categories like housing, food, transport, leisure
5. Calculate your needs vs wants
Separate essential expenses from discretionary spending
6. Set your financial goals
Short-term (emergency fund), medium-term (holiday), long-term (retirement)
7. Apply the 50/30/20 rule
50% needs, 30% wants, 20% savings - adjust percentages to fit your situation
8. Choose your budgeting method
Zero-based, envelope, 50/30/20, or pay yourself first
9. Set up your budgeting system
Use a spreadsheet, app, or paper system that works for you
10. Schedule regular budget reviews
Weekly check-ins and monthly deep reviews keep you on track
11. Adjust as needed
Your first budget wont be perfect - refine it each month
12. Automate your savings
Set up standing orders to move money to savings immediately
Next Steps
Once you have completed your budgeting checklist, put your plan into action: