Top 10 Rules to Manage Your Budget

1.    Start by creating a budget plan that outlines your income, expenses, and savings goals. This will give you a clear picture of your financial situation and help you to identify areas where you can save money.

Our high level budget tool can help (click link below):
​Budget Calculator

2.    Track your spending and income carefully, and update your budget plan regularly. This will help you to stay on top of your finances and ensure that your spending is in line with your budget.

You can link/upload your budget in our budget analysis tool:

Budget Analysis Tool

3.    Prioritize your spending and focus on the essentials, such as housing, food, and transportation. This will help you to avoid unnecessary expenses and ensure that your money is going towards the things that are most important to you. It may help to consider the bucket approach. Lump your budget into three categories: 1) needs (expenses like health insurance, food and rent) that must be paid, 2) wants (eg leisure spending like holidays, theater tickets, concert tickets, Prada handbag (click here to get an exclusive TPE discount - you know we're kidding right?)) and savings.  

4.    Look for ways to reduce your expenses, such as by switching to lower-cost providers for your services, negotiate, reduce or cancel subscriptions such cable, phone, newspapers and by cutting back on discretionary spending.

5.    Have a targeted monthly savings amount and aim to build up an emergency fund that can help you to cope with unexpected expenses or income losses. Set a monthly goal for savings and manage your monthly spending to meet this goal.

6.    Avoid taking on too much debt, prioritize paying high cost debt and make sure to pay off your credit card balances in full each month to avoid high interest charges. Our debt calculator can help:

Debt Calculator

7.    Use tools and resources, such as budgeting apps, spreadsheets and online calculators (such as those offered by TPE), to help you manage your budget and make informed financial decisions.

8.    Seek advice and support if you are struggling to manage your budget or if you are facing financial challenges.

9. Work with family members: Saving and budgeting is a family affair. Work together to reduce spending and think of fun ways to reduce spending, such as a home cooked meal or a picnic in the park, or a homemade backyard dunk tank - hey you can even charge neighbor kids to try to dunk dear ole dad. 

10. Be patient and consistent, and remember that managing your budget is a long-term process that requires discipline and commitment.

By following these tips and staying focused on your financial goals, you can successfully manage your budget and achieve your financial objectives.