HSBC: Budgeting To Keep Track Of Your Money
[Advice column by HSBC Bermuda]
I set a budget for myself every month, but I struggle to keep track of my spending. By the end of the month I don’t know where I spent all of my money. What can I do to better discipline myself?
Managing your accounts The first step to tracking your cash is making sure you have access to your accounts. The easiest way is with online banking or mobile banking. You can view your account history; check your balance, pay bills and transfer money.
Tips for tracking your cash Keeping track of your money is easier if you have a routine. When you have a routine for checking your accounts and paying bills, and are aware of what else you’ve spent, it’s much easier to stay in control of your finances. These ideas can help you get started.
- Set aside time each week: Keeping track of your money is easier if you have a routine – say, half an hour every Saturday morning spent checking your finances and ensure you are sticking to your budget.
- Keep track of your spending: This helps you work out where your money is going. You might use a spreadsheet on your computer, or you could use an app on your mobile device – that way you’ll have it handy whenever you make a purchase.
- Setup Standing Orders: Your bills and other payments can be automatically paid, this means you don’t have to worry about forgetting to pay.
- Pay all your bills on the same day: If you know that most of your Standing Orders are set up to pay on the same date it’s easier to budget for the rest of the month.
- Check you’re not overspending: A quick way to get an idea of your incomings and outgoings is to compare your current balance with the same date the previous month. And if you’re relying on an overdraft or credit, it’s probably time to reconsider your spending habits.
Free Financial Planning with HSBC
HSBC can help you manage your money and develop your own financial plan! Our approach takes you through the complete financial planning process, at no cost to you. We’ll work with you to understand your particular circumstances and your financial ambitions. From there, we provide you with solutions on how to manage, grow and protect your savings to achieve your goals.
To make a free Financial Planning appointment visit www.hsbc.bm/planning or by calling 299-5959.
Issued by HSBC Bank Bermuda Limited which is licensed to conduct Banking and Investment Business by the Bermuda Monetary Authority.
