Building a Better Budget: tools to help you take control of your money
If you've decided it's time to get to grips with your money, one of the first questions that pops up is often: how do I actually create a budget? The good news is there are plenty of tools available to make the process easier, whether you prefer a simple spreadsheet, an online planner or a handy app on your phone.
Introducing Crosslight’s Budget Builder tool
You might already be aware of Crosslight’s very own free budgeting tool: the Budget Builder. This online, easy-to-use tool is designed to help you build a realistic picture of your income and expenditure, assign money to different categories, share your budget with a partner, and compare what you planned to spend with your actual outgoings.
You can set up a free account on the Budget Builder website, and take an interactive tour of the site to get familiar with its features and benefits.
If you haven’t yet taken part in one, our Money Skills workshops are the perfect place to begin – they introduce the Budget Builder and how it can help you put into practice the budgeting approach we teach on our courses.
Other budgeting tools to explore
There are lots of free alternatives to the Budget Builder – why not check them out, and choose the one that best suits yours needs.
Online budget planners
MoneyHelper Budget Planner - an online budgeting tool that helps you build a detailed household budget
Entitledto Budget Planner - combines budgeting support with information about benefits and other sources of financial help
Spreadsheets
Money Saving Expert offers an interactive Excel spreadsheet as well as a printable option.
Budgeting apps
If you'd rather manage your finances on your phone, apps such as Emma, Plum and Snoop can connect securely to your bank accounts using Open Banking technology. They bring information from multiple accounts into one place and can help you to monitor spending, track bills and subscriptions, set savings goals and receive spending insights.
Please note that these apps often have both a free and paid-for version, with limited features available in the free tier. It’s important to think carefully before spending money on a tool that helps you to manage your finances! Please do compare options before commiting to an option that costs money, to be sure that it is worth it for you.
What do I need to get started?
The process of completing your budget planner will be much easier if you gather some information beforehand. This might include:
Your payslips
Details of any benefits you receive
Your bank statements / access to your banking app
Details of your bills and outgoings
The best budgeting tool is the one you'll actually use
The perfect budget doesn't have to be complicated. Whether you choose a spreadsheet, an app or an online planner, the most important thing is finding a tool that works for you and using it consistently. Good luck!