Spending review still in progress for Scotland

There is always a lot to consider when looking at a financial budget, even a personal one.

15:38 09 August 2013

There is a lot involved when it comes to budgeting and the review of spending cuts for Scottish public services is no exception to the normal process. Spending reviews are striving to cut expenses where possible in the hope of managing funds more effectively and ensuring that those who need them most receive them.

The details may vary depending on the outcome of the independence referendum as well. In our personal financial budget we also want to ensure our money is used in the most effective way possible. Here are a few tips to help you with your financial budget:

 

• Consistency is essential—ideally, you should review your finances on a monthly basis. If there is any way possible that you can do that, try to make time for it. Reviewing your financial budget on a monthly basis can help remind you if there have been changes such as a pay rise, or perhaps an extra bill or two. 

 

• Always track expenses—while trying to keep track of everything you purchase can be a chore, it is a little easier if you frequently use a credit card or debit card. Transactions are typically automatically recorded for you to make it easier, but if you take cash out of an account or write a cheque it is easy to forget to subtract in your register unless you have developed the habit of automatically tracking all expenses. 

 

• Use technology for ease—hardly anyone has enough money, or enough time. You can find free or low-cost software options and apps which can help you stay on top of your financial budget. You might even be able to create charts to find out where most of your spending is and how to reduce monthly costs. 

 

• Seek professional advice—in order to really manage a difficult financial budget, it doesn’t hurt to talk to a financial professional for tough decisions.