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Irish Life Assurance plc

Spend Smarter and Save More – How To Budget Your Money Monthly

December 10th, 2021
• 3 min read

Written by Irish Life Financial Services

No matter how hard you try to curb your spending, you’re always out of cash before your next pay day… sound familiar?

If this is one of your pet peeves and you just can’t get on top of it, you’ve come to the right place.

See how to budget your money monthly and get money saving tips – now is the time to take control of your finances. Here are also some ideas on how to save for a wedding…you’ve probably heard how expensive they are!

Let’s get started.

How to budget and save money

Learning how to budget is an important life skill that can help you make the most of every euro you earn. Life can throw us curve balls – unexpected medical bills, urgent house and car repairs, or a sudden job loss. If you’ve no rainy-day fund, what will you do when it pours?

Take some time to examine your income vs spend. Give yourself a reality check by writing down everything you spend for a week and looking at your online banking statements. It can be a shock to see where your money is going; Do you really need 3 TV subscriptions, or 2 new dresses in the one week? After you do a deep dive into your spending, you can get started on creating your budget.

How to budget your money monthly

An easy-to-follow formula for a monthly budget is the 50/30/20 budgeting rule. As a rule of thumb, half your income goes on the things you really can’t live without. Though these are essential items, price comparison sites and a little research can help you get the best value for your hard-earned cash.

Now, look at your wants. Do you really need that gym membership you never use, or a takeaway lunch every day of the week? Get stricter and you’ll notice the difference.

The remaining 20% of your income should go into your savings or emergency fund. Set up a direct debit each month from your current account to a savings account - that’s how to save money without thinking about it. Putting savings into an account that’s harder to access, such as a notice deposit, can reduce the temptation to dip into it for day-to-day spending.

How to do a household budget

The first step is making a list of your household expenses. Having a household budget allows for outgoings like clothes and transport costs – expenses that pile up without you even realising.

Learn how to do a personal budget with this easy-to-navigate budget guide.

Cover of Monthly Budgeting Sheet

A few tweaks to your spending habits can lead to big rewards. Do your grocery shop at a cheaper supermarket, change your phone bill to a less expensive plan, or switch your electricity or broadband provider. Buy some items in bulk and store them rather than making frequent trips to the shops.

How to budget for a wedding

You’ve popped the champagne and celebrated your engagement - now it’s to time to plan your wedding. You can make major savings if you plan your budget.

How many guests you have contributes to how expensive the celebrations are. Think carefully about your guestlist because it should reflect your budget.

Other wedding money saving tips include making your own invitations. There’s lots of free design app available so download one and get creative. Another way of saving money is to choose email invites.

Look to sample sales for wedding dresses, where you can pick up an incredible piece for a fraction of the price. Hiring suits for the groomsman and groomsmen can cut costs and maybe you know a talented baker or florist, getting your family and friends involved saves money and makes the preparations even more special. Decide what’s important for the big day and save on the smaller things – the chances are you don’t really need wedding favours.

Traditionally, the honeymoon is right after the wedding, but this can add thousands onto the final figure. Many people now have a short weekend break and a bigger trip down the line, giving you time to save money. With a few swift changes, you’ll soon learn how to budget for a wedding.

When it comes to saving money, small steps can make a big difference over time. See how to do a household budget with this handy guide.

While Irish Life Financial Services don’t provide advice on budgeting, we hope you found this article useful. We do though recommend that you get a financial review. You can get a free financial review online now to take the first steps towards taking control of your finances. 

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How to Budget Using the 50/30/20 Rule

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