5 simple budgeting tips

Do you have a personal budget? This article features plenty of practical budgeting advice and some key benefits of budgeting, as well as five simple budgeting tips to help you get started.

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If you're looking to start budgeting and need some pointers, this article is for you! When you spend all day looking after other people's finances, it can be easy to overlook your own. Even when everyone around you assumes you're the expert in relation to money and debt, exceptional or unavoidable events can impact you financially.

Having clarity on your finances instantly gives you a sense of control. It’s also good for your health– being on top of your financial situation can improve your peace of mind. Keep reading for five simple budgeting tips you can go away and implement today.

tip 1: set yourself a schedule

Personal budgeting isn’t something you should constantly worry about, but it's important to be aware of how much you're spending each month. If you've developed a budget plan, you need to keep it updated with any new spending or income and factor in changes to your salary, mortgage/bill payments and increases in inflation. If you can, establish a routine for checking in on where you are with your budgeting, e.g. five minutes at the end of each day or once a week.

tip 2: be accurate when calculating income and expenditure

Whilst it might be tempting to underestimate some of your expenses, you won’t be doing yourself any favours by simply guessing. Look back at your bank statements and take a note of the key areas you spend money on every month - if you're unsure where most of you money is going, that's a key sign you need to budget. Take a look at our budget planner calculator if you want to see where your money is being spent each month.

tip 3: create a buffer in your budget

Setting aside a certain amount to keep free each month is a great method to prevent overspending and going into debt. It also helps protect you from unexpected costs. If your buffer doesn’t get used, you can easily transfer it into a savings account.

tip 4: make sure you’re claiming for everything you're entitled to

It’s important to understand and claim all the benefits and financial support you’re entitled to receive. This will help maximise your current income and ease any financial pressure. If you’re unsure whether you’re entitled to any benefits, use our benefits calculator.

tip 5: speak to us at caba

If debt is starting to cause problems, or if you’re struggling with budgeting, our friendly support officers are here to provide budgeting help and wider financial guidance. Whatever your financial worries, big or small, you’re not alone; we'll support you and make sure you have access to the best options based on your circumstances. Remember, financial support gives you the breathing space you need to get your finances in order.

We’ll listen and offer advice and guidance in a safe and supportive environment. And if we aren’t able to help you ourselves, we’ll point you in the right direction of one of our partner organisations who can. Either way, we simply want you to access the best options quickly and easily, so you can carry on.

"I contacted caba and they were so supportive. I was really impressed by how kind they were to me and how they asked me to explain my situation."


caba client

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your questions answered 

Who is eligible for support?

We support past and present members of the Institute of Chartered Accountants of England and Wales (ICAEW), ACA students, ICAEW staff members, and the family and carers of members and students. 

  1. No matter where your career takes you, past and present members of the Institute of Chartered Accountants of England Wales (ICAEW) are eligible for caba’s services for life, even if you change your career and leave accountancy 
  2. ACA students (ICAEW Provisional Members) who are either an active student or have been an active student within the last three years are eligible for caba's services 
  3. Past and present staff members of the ICAEW or caba are eligible for caba's services for life, even if you leave either organisation. Please note, for former employees, our financial support is only available to those who have had five years continuous employment with either organisation 
  4. Family members and carers of either an eligible past or present ICAEW member, ACA student or past or present employee of the ICAEW or caba are eligible for caba's support. We define a family member as a: 
    1. spouse, civil partner or cohabiting partner 
    2. widow, widower or surviving civil partner who has not remarried or cohabiting with a partner 
    3. divorced spouse or civil partner who has not remarried or cohabiting with a partner 
    4. child aged up to 25. Please note, children aged between 16 and 25 are not eligible for individual financial support 
    5. any other person who is dependent on the eligible individual supporting them financially or are reliant on the eligible individual’s care 
    6. any other person on whom the eligible individual is reliant, either financially or for care 

You can find out more about our available support both in the UK and around the world on our support we offer  page. 

Are your services means-tested?

If you need financial support, we carry out a means test where we consider income, expenditure, capital and assets.  

*Please note none of our other services are means-tested. 

I’m an accountant, but not a member of ICAEW, can you still help?

Unfortunately not. We only support past and present ICAEW members, their carers and their families. If we are unable to support you, where possible we will point you to help elsewhere.

caba has supported me in the past; can I receive support from caba again?

We understand that circumstances change. If we’ve helped you in the past there’s no reason why we can’t help you again. You can contact us at any time. Please call us if you need our help.

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