Five key tips to help you create a realistic monthly budget in 2022

January can often be a time where many people opt to make changes in their life to help kick-start their year. Indeed, a common New Year’s resolution is to save money with a specific end

goal in mind. Whether it be saving up for a house deposit or a holiday abroad, budgeting can help you to meet your target. However, it can often be a struggle to keep to your commitment - so

what’s the best advice to help you create a practical monthly budget in 2022? Makala Green is a chartered financial expert who has a wealth of experience in addressing personal finances.

She believes that although budgeting can appear a “mammoth task” at first, it will help you eventually achieve your financial goals. Speaking to Express.co.uk she revealed her best advice

for anyone who’s looking to create a realistic monthly budget in the New Year. 1.) DON’T LET EXCUSES GET IN THE WAY One of the first obstacles many people encounter with budgeting is not

allowing excuses to deter them from getting started. READ MORE: FREE NHS PRESCRIPTIONS ‘AXED FROM APRIL’ - £9.35 CHARGE TO BE HIKED To avoid this, Ms Green says you need to simply “do away

with the myth” you don’t have enough free time to put aside and focus on your finances. She said: “Sometimes it’s difficult to do that New Year spring clean and it’s difficult to get back to

work, but once you’ve set yourself up with a budget it’s so much easier to manage. “Once that’s been done all that remains is to make minor changes as and when needed. So, it’s more the

start-up than anything else.” 2.) GET YOURSELF A SPREADSHEET Ms Green says she loves nothing more than working her finances out using a good old-fashioned spreadsheet as this way “nothing

gets missed”. “That way it’s very clear that whatever you’re spending in there is okay and it also ensures that all your bills are paid on time as well.” 4.) CREATE A SPECIFIC GOAL Giving

yourself a specific goal to work towards rather than a vague target can help you maintain focus and motivation. Ms Green says “the more defined you are about your goals the better” as you’re

less likely to break away from a commitment. 5.) ALLOCATE MONEY FOR EMERGENCIES Life can often throw up unexpected challenges that require people to compensate for and thus veer away from

their financial goals altogether. To help avoid falling into this trap, Ms Green advises people to put aside a certain amount of money each month to cover for emergency funds. She said:

“Each month you can try and build up a pot so that if you do have any unexpected expenses you can always go into your savings pot rather than affecting your budget.”