Personal Budget Tips You Should Know

What is a budget? Do I even need a budget? These are questions we have all asked ourselves from time to time. A budget can seem like an overwhelming and complicated task when in fact it is relatively straightforward. 

A budget is not a set of rules, but rather a framework in which you spend your money. Knowing this helps you plan better and keep better control of your money. 

Set Yourself Goals

The first question you need to ask yourself is why do you need a budget? Is it because you want to get rid of debt, save for your retirement, or go on your dream holiday? Think of the financial goals you wish to achieve, and break these down into three categories:

  • Long Term Goals: What financial milestones do you want to achieve in 5- or 10-years’ time? Start a family, send your children to university, or maybe start your own business?
  • Medium Term Goals: Write down two goals which you would like to do within the next year: Pay off your debt, start a new career, renovate your home?
  • Short Term Goals: Plan one achievement which you would like to accomplish over the next month: Save a certain amount of money, not use your credit card or accounts for 30 days?

Having financial goals can help drive you, having a budget will help you track your success and allow you to celebrate your achievements. 

Some Budgeting Tips to consider

  • Be Patient – give it time to work and show results. Give your budget a chance!
  • Be You – All things are relative, and this applies to finances too.  Everyone has a different income and different expenses, so your budget is unique to you, so do what is right for you.
  • Consolidate– our Bond Optimiser team has helped clients save up to R7000 a month on debt repayments. Talk to one of our friendly team members today to see if we can help you too.


If you want to change a habit, you need to know and understand the habit!  Knowledge is power, and the more you know about your expenses, your income and spending habits, the better you can plan for your future financial freedom and achieve peace of mind when it comes to your money. Plan and commit!