I need help budgeting my money - please help i am desperate

I'm a single mother of four living with my parents. I work at Starbucks and I barely have enough to make ends meet. I need help budgeting my money because however hard I try I always end up spending more than I earn. I can never get ahead in life because of money. Everyone that I speak to tells me I need to budget my money so here I am asking for help with budgeting. I want the best things for my children and sometimes I spoil them and that gets me in trouble. Any advice would be appreciated.

The first thing you need to do is work out your income and expenses thoroughly. List all the income you have from your job and welfare benefits and then on another column list all your expenses, ALL of them.

This exercise is so important because it will show you where all your money goes. As you live with your parents you should be saving money on rent and some groceries so this is a bonus for you. I've shared an excellent video on how to budget and save money from a popular blogger called Hijabi Housewife so have a look!

​

I agree, listing your income and expenses is THE most important step to help you improve your finances. Once you've done that you should then try to reduce your expenses by at least 50%. Some of the measures your could take include;

1. Ditch your car
2. Buy cheaper groceries
3. Use vouchers
4. Stop spending on luxury items
5. Only spend on essential items

It will be hard at first but it does get easier once you see your bank balance rising. You should also look to boost your income, some of the things you could do are:

1. Get another job
2. Start an online business
3. Start a side business
4. Ask for a raise
5. Apply for Welfare Benefits

Your aim should be to increase your income while cutting your cost. Eventually you should aim for an 80% savings rate to get yourself financially secure. Check out the video below on 19 ways to Cut Home and Personal Costs. Good Luck

​