Hi folks and welcome to another five minute Friday here on meaningful money may I say how attractive you're looking today what's that me too

You're so kind thank you

Right here we are once again. Great to have you with me. Thank you for joining me. I'm going to talk about three quick budgeting tips today. Budgeting really is the foundation of wealth building because it helps you pay yourself first

and determine where you should put that money to the best use. But it isn't easy always to get right.

So today I'm going to go over three tips to help you budget more effectively.

So you know the drill by now, I'm going to put five minutes on the clock down here.

Say a quick thank you to my friends at 7 Investment Management for continuing to sponsor the show and let's crack on.

First tip is to have two bank accounts.

Quite simple you have one for bills that's regular direct debits and you have another one for

spending. The bills is for fixed monthly outgoing, the stuff which you know is going to be

broadly the same month after month, and then the spending account is for the stuff which changes all the time. Like,

maybe you go out a little bit more this month, maybe you've got some extra

birthdays to pay for, stuff like that, the sort of day-to-day expenses. By

doing it this way it means you only have to actually physically budget about

half the things you spend your money on. All the fixed bills are pretty much looked after. You just

leave enough money in that account to pay the bills and then shift enough money to your

spending account to cover the rest of the stuff that you spend money on and it's that that you need to actually budget

and determine what you're going to spend your money on. Very simple, get your money in from your income

and then leave enough in the bills account, shift the rest to the spending account and budget that.

But I've actually covered that a million times before, so we're going to call that a little

sort of bonus reminder tip and actually now get to the three main tips.

First is to use technology to help you out. There's a few ways you can do this.

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