Shaz begins a new and invaluable series this week with the first episode in money management, getting to grips with budgeting and making it part of your life as a good habit.

Most people don’t like talking about money, have hang-ups or issues around money but you need to become a student of money because it’s only when you understand it that you can make it work for you.

Many people live their lives without a budget not knowing what they are spending every month but budgeting enables you to have money for what you need and Shaz shares exactly how to get started making budgeting part of your routine, creating a positive habit that will make a difference.

 

KEY TAKEAWAYS

• Budgeting enables you to have money for what you need
• Your budget will change month to month due to birthdays and one-off payments.
• You need to be disciplined to make sure you stick to the budget you have set for yourself.
• Have an emergency fund, an amount equating to around 6 months of living costs.
• Small incidentals can add up to far more than you perceive, keep track of what you spend as the amount it adds up to can be an incentive to budget better.
• When creating your monthly budget don’t remove all the fun things as it will make it very difficult to stick to.
• You have to create a budget with others in your household so that expectations are clear for everyone.
• Remember to include tax in your budgeting, ideally put the money away in a different account and then it’s ready when you need to make the payment.
• A good budget will be around 60% on monthly expenditure, 10% on investments, 10% to your emergency fund, 5% to charity and 10% on lifelong learning.
• Make a start on monthly budgeting and you will find it quickly becomes a good habit.

 

BEST MOMENTS

‘The more you do it the better you will get at it’

‘Shop around for the best-priced deals particularly with bigger purchases, this can easily be done online’

‘We live in a world where everyone wants everything now’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook

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  YouTube.