It's always important to stick to your budget. And with summer upon us, that could be a difficult task as parents try to keep their children entertained or prepare to leave on their annual holiday. Natalie Storey, an executive consultant at Acuma Wealth Management, gives us her top tips on how to follow - and stay - within budget, regardless of what time of the year it is.
1 Work on a summer budget
It is worth putting a budget together with the amount you can afford to spend each week or month on activities to occupy yourself and your family during the summer months. Make sure you plan ahead. It is also a good idea to start saving in advance to help with the financial strain this period might cause. I suggest that every year, starting from September, you look at what you can afford to put into a savings pot each month for your summer holidays. When the summer rolls around nine months later, you will have the surplus money available to do the things you would like to do. Make sure you have a separate bank account to keep this money in.
2 Plan ahead
A useful tip for this summer is to collect all your receipts for all the activities you do, including weekends away, flights, smaller activities like days out at the aquarium and new toys, just to name a few. Keep a tally of everything you spend during these summer months so you will know how much you will have to put aside from September for the next nine months. This pot of money can also act as a reserve for any other unexpected activities. If you plan in advance for these things, you will be able to enjoy your summer more without any financial worries.
3 Stick to your annual budget
A yearly budget enables you to have a financial preview of the whole year and allows you to compare it with your annual income. This can be done by putting your monthly income and outgoings, including food, shopping, petrol, entertainment and other expenditure, into a spreadsheet. This allows you to see the surplus you have for savings - and what you can possibly put away for the holidays.
4 Track the smallest amount of income
You should count as much as possible in your yearly budget so that all the money you receive has already been assigned a task to perform or kept as a saving. This ensures that you are in control of your finances. You should also consider provisioning fixed as well as variable spending in the budget.
5 Provision for emergencies
This is something that many people neglect when they do a budget, but it is very important. Emergencies are unpredictable and, therefore, you need to prepare for them. I recommend you have three to six months of family spending in an emergency fund. If you have not already built this fund, it should be your first priority.
6 Review with family
It is all well and good making a budget, whether for the year or just for the summer, but you need to review how things are actually going. I suggest that every three months, you schedule a review session with your family so you can see what you have actually spent over the previous months and how this compares with your budget. It's also a good time to suggest new cut backs and future plans for saving.
7 Pay off credit-card debt
This is very important and needs to be the first priority before you start to save. Despite most of our good intentions to pay the balance off quickly, the reality is that we often end up paying far more for things than we would have paid if we had used cash. This is particularly important in the summer months, when you are more likely to throw caution to the wind and splurge on extra treats with your credit card while on holiday.
8 Automate your financials
When building a budget, you should also consider automatic bill payments and investments. This will make your life easier and also make sure your bills are paid on time and you do not receive any interest for being late. It also ensures a stress-free holiday.
9 Budget for big expenses
Events like children's birthdays, Christmas and holidays all cost money and they can be felt hard at the time of having to pay them. However, if you have planned for these events in advance, they can come out of the budget.
10 Stick to the budget
It is a good start to make a budget, but unless you stick to it and use it, there is no point in having one. A budget enables you to avoid unnecessary spending, while using your money wisely will become easier - for you and your family.
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Picture of Joumblatt and Hariri breaking bread sets Twitter alight
Mr Joumblatt’s pessimism regarding the Lebanese political situation didn’t stop him from enjoying a cheerful dinner on Tuesday with several politicians including Mr Hariri.
Caretaker Culture Minister Ghattas Khoury tweeted a picture of the group sitting around a table at a discrete fish restaurant in Beirut’s upscale Sodeco area.
Mr Joumblatt told The National that the fish served at Kelly’s Fish lounge had been very good.
“They really enjoyed their time”, remembers the restaurant owner. “Mr Hariri was taking selfies with everybody”.
Mr Hariri and Mr Joumblatt often have dinner together to discuss recent political developments.
Mr Joumblatt was a close ally of Mr Hariri’s assassinated father, former prime minister Rafik Hariri. The pair were leading figures in the political grouping against the 15-year Syrian occupation of Lebanon that ended after mass protests in 2005 in the wake of Rafik Hariri’s murder. After the younger Hariri took over his father’s mantle in 2004, the relationship with Mr Joumblatt endured.
However, the pair have not always been so close. In the run-up to the election last year, Messrs Hariri and Joumblatt went months without speaking over an argument regarding the new proportional electoral law to be used for the first time. Mr Joumblatt worried that a proportional system, which Mr Hariri backed, would see the influence of his small sect diminished.
With so much of Lebanese politics agreed in late-night meetings behind closed doors, the media and pundits put significant weight on how regularly, where and with who senior politicians meet.
In the picture, alongside Messrs Khoury and Hariri were Mr Joumbatt and his wife Nora, PSP politician Wael Abou Faour and Egyptian ambassador to Lebanon Nazih el Nagari.
The picture of the dinner led to a flurry of excitement on Twitter that it signified an imminent government formation. “God willing, white smoke will rise soon and Walid Beik [a nickname for Walid Joumblatt] will accept to give up the minister of industry”, one user replied to the tweet. “Blessings to you…We would like you to form a cabinet”, wrote another.
The next few days will be crucial in determining whether these wishes come true.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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How she spends spare time: Playing with cats at the clinic and feeding them
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Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
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