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S8 Ep 3: Top 10 Tips for Practical Budgeting
Manage episode 445373596 series 3346488
Το περιεχόμενο παρέχεται από το Simon Glazier and Bex Elder, Simon Glazier, and Bex Elder. Όλο το περιεχόμενο podcast, συμπεριλαμβανομένων των επεισοδίων, των γραφικών και των περιγραφών podcast, μεταφορτώνεται και παρέχεται απευθείας από τον Simon Glazier and Bex Elder, Simon Glazier, and Bex Elder ή τον συνεργάτη της πλατφόρμας podcast. Εάν πιστεύετε ότι κάποιος χρησιμοποιεί το έργο σας που προστατεύεται από πνευματικά δικαιώματα χωρίς την άδειά σας, μπορείτε να ακολουθήσετε τη διαδικασία που περιγράφεται εδώ https://el.player.fm/legal.
In the third episode of this Faith and Finance Top 10s season, Simon shares his Top 10 Tips for Practical Budgeting.
Some key points of interest covered in this episode include the following:
- Simon’s first top tip for practical budgeting is to itemise carefully all of our income so that we know how much money will be coming in monthly and over the course of a year. [01:43]
- Because of the great importance of giving and being generous (as discussed in Season 5), Simon suggests that top tip number two should be to decide how much we are going to give. [04:02]
- Thirdly, Simon highlights the importance of prioritising budgetary items through a process of identifying essential payments and then discretionary items, with the latter category being ranked according to their importance to us. [05:33]
- Top tip number four is ‘Write it down!”. [07:33]
- Next, Simon suggests that we should ensure that we review our financial commitments regularly. [09:32]
- Simon explains the ‘three bank account system’, which can help us manage our money according to the type of expenditure involved; ‘pots’ that are available through banking apps can be used to achieve the same outcome. [11:06]
- Simon explains how we can put in place an arrangement for coping with less frequent, but potentially very significant, expenses [14:22]
- Another key principle is to focus on reducing and then eliminating any debts that we may have. [17:16]
- Simon’s penultimate point is that we should try to balance our budget on an ongoing basis so that we are living within our means. [20:39]
- Simon’s final top tip on practical budgeting is to develop the habit of saving to buy rather than borrowing to buy. [22:21]
- The focus of the next episode in this season will be on generosity when Simon and Bex will discuss ten top tips relating to giving well and effectively. [24:28]
Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast.
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