How To Make A Budget For The New Year Ahead

- by Becky Hall

Look ahead towards your financially successful year. Read on with Cashfloat and learn how to make a budget with these great budgeting tips and look towards a more financial and healthy year in 2018.

Cashfloat- How to make a budget
In this article we will look at:
  • Reflecting on the previous years budgeting
  • Write down your budget
  • Track your income and expenditure
  • Account for the small and unexpected items
  • Incorporate in your budget something to save for
  • Conclusion

Plan A New Budget

Reflecting on your previous year’s budgeting is essential to figure out where you have gone wrong and what aspect of your budgeting needs improving. By reflecting, you can also see where you have gone right in your budgeting and do the same this time around.

Write Down Your Budget

Many people say they don’t have time to work out how to make a budget and when they do try to budget, they think in their head how they will go about it without writing it down. This has no use. It is pointless. Budgeting must be done with a pen and paper or with the use of the many budgeting spreadsheets available online. Moreover, you can find a useful budget planner online at The Money Advice Service. Your budgeting sheet should be clear to use, and you should be able to refer back to it weekly.

Cashfloat- How to make a budget

Track Your Income and Expenditure

Tracking your income is the first step to making your budget. Think about all your income including your partner’s income (if you have one). Income includes any benefits you may be receiving. Do not include any bonuses you may receive at work or presents you may get.

Expenditure is all the outgoings of your money. This includes rent, travel, bills, food, gas and car payments, child care, internet and TV and loans and credit cards you need to pay off. Additionally, write down your weekly, monthly and yearly expenditure in separate columns. Once you have written down all your income and expenditure calculate them both to ensure that the income is more than your outgoings.

Cashfloat- How to make a budget

Account For Unexpected Small Items

Everyone has unexpected expenses that can crop up from time to time. There is no reason to have to go for a payday loans for bad credit when a small unexpected expense comes up. Therefore, when drawing up how to make a budget, you should think about these small expenses and account for them. A lot of these expenses are not really unforeseen. Everyone knows that holiday gifts for your kid’s teachers will need to be given and you will need to buy costumes for Halloween, so these items should be on the list of your yearly expenses to avoid having to take out a instant payday loans uk when these expenses crop up.

Cashfloat- How to make a budget

Saving Money

Everyone can save, no matter what their earnings are and what their outgoings are. Saving money and being careful with your spending is an art learnt in childhood. Additionally, putting money away in a savings account should be included in your budget. Many people have something they wish they can buy but their income doesn’t allow for it. Furthermore, having something in mind, you are saving up towards will be an incentive for you to put money away regularly. In this way you won’t require the services of the short term lenders.

Here are some examples of short-term and long-term things to save for:
Down payment for a car
Emergency fund
New phone
Child’s education

Cut Down On Your Spending

Everyone has some items they can do without, like those expensive ingredients which you can easily make yourself at home. Your job is to identify these non-essentials and try and do without them. In addition to this, every time you go shopping think of 1-2 items you will manage without. In this way, you won’t need to take out a small loan UK, and you will learn how to make a budget in a healthier way.

Cashfloat- How to make a budget

Look Over Your Budget Regularly

This is one of the essential aspects of budgeting. At the end of every month, sit down and see how well you are doing. You may need to adjust your budget according to your growing needs and income changes. Additionally, there are some questions you can ask yourself when reviewing your budget:

  • Am I managing to pay my bills on time?
  • Do I have money left at the end of the month that I could put towards savings?
  • How can I save more?


Writing a budget entails time and effort. However, as you can see, there are numerous benefits to it. Always begin your budgeting for the year by reflecting on the year before and noticing how well you have managed your money. Pat yourself on your back when you have managed to put away a nice amount of money into your savings. On the other hand, living on a budget doesn’t mean you should feel lacking. On the contrary, you will be happy you are able to manage with less and know where your hard earned money is going.

Cashfloat- How to make a budget
About The Author
Becky Hall
Born a writer, Becky Hall figured she would use her talents productively. So, she became a content writer for Cashfloat, and she loves it. A Business and Accounting graduate, Becky scored high, graduating with a first, but also acquired a professional bookkeeping certificate in addition to her main studies. She always dreamed of becoming an accountant, something she still may achieve, but in the meantime, she is helping to break open a new industry of honest and ethical lending. Becky spends her spare time at the piano, with classical music her favourite choice, but will play jazz to keep her baby happy. Nowadays, though, she doesn’t always have much time; Cashfloat has a revolution to make.
Blog disclaimer

We do all we can to bring you interesting, practical and valuable information. However, please understand the following:

Information and data on this blog are for information purposes only. While we work hard to ensure it is accurate, we cannot accept responsibility for the accuracy, completeness, suitability or validity of any information provided on the blog. We will not be liable for any errors, omissions, losses, injuries or damages arising from its display or use. All information is provided with no warranties and confers no rights.

If you feel that any of the information published on our blog is not accurate, please notify us via email at

How To Make A Budget For The New Year Ahead

Cashfloat is rated 4.81 stars by based on 490 merchant reviews

4.81 / 5 Rating
490 Reviews
Would recommend cashfloat to anyone. So easy to use
Brilliant service. No fuss just straight forward borrowing. Money in minutes to my account. Thank you
Excellent I love that you can pay your loan off in chunks if you so wish.
Bottom content is a trading style of Western Circle Limited - Company Registration Number: 7581337. We are fully authorised and regulated by The Financial Conduct Authority. FCA full permission license: 714479. ICO Registration Number: Z3305234

* Cashfloat terms and conditions apply. Applicants must be 18 or over. All loans are subject to affordability, applicant verification and traditional credit checks via various national databases by Cashfloat responsible lending policy. Loan limit maximum of £500 for first-time customers (£1100 for existing). In most cases, loan decisions may take up to 30 minutes during office working hours. If your bank does not support Faster Payments, funds will be sent to your account the same day as approval so long as you’re approved by 16:30.

Representative example: Borrow £500 for 4 Months, 4 Monthly Repayments of £215.81. Total repayment £863.24. Interest Rate PA (fixed) 270.10%, Representative APR 997%

Warning: Late repayment can cause you serious money problems. For help, go to

This site uses cookies. Find out more.