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Creating a simple budget that matches your lifestyle

Budgeting might seem intimidating but it’s essential for managing your finances effectively. A good budget helps you make the most of your money, avoid unnecessary expenses and stay on track when it comes to savings. Here’s how you can create a straightforward budget that fits your lifestyle:

Start with your monthly income
First, jot down where all your money comes from (income). This could be your salary, allowances from family or scholarships. Knowing how much money you have coming in each month is the first step in creating your budget.

Track and categorise your expenses
Next, list what you spend your money on every month (expenses). Divide them into two categories: needs and wants. This helps you see where your money is going and make informed decisions about your spending.

Needs: These are essential expenses like rent, groceries and utilities. You must cover these to maintain your basic living standards.
Wants: These include non-essential items like dining out, entertainment and other luxuries. While these are enjoyable, they’re not necessary for day-to-day living.

There are many budgeting tools available that can help you manage your finances. One useful resource is the budgeting tool at pps.co.za/student. 

Explore different budgeting apps or templates to find one that works best for you. 
 

Check out our TikTok money series here for helpful tips and resources about all things money.

_{^{Kindly note that this does not constitute financial advice the information provided is purely informational. In terms of the Financial Advisory and Intermediary Services Act an FSP should not provide advice to investors without an appropriate risk analysis and thorough examination of a client’s particular financial situation. The information, opinions and communication from the PPS Group or any of its subsidiaries, whether written, oral or implied are expressed in good faith and not intended as investment advice, neither do they constitute an offer or solicitation in any manner. PPS Ltd a licensed insurer conducting life insurance business, a licensed controlling company and an authorised FSP.}}