Best budgeting tips on social media

My Frugal Year Instagram account has been documenting her journey to pay-off £27,000 of debt.

Great learning about budgeting

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As I mentioned yesterday, throughout January, I’ve been combing through my budget and making tweaks to my spreadsheet to make sure it’s working as well as it should for me. Because I’ve been freelance for about six months, and have learned the hard way what the impact of delayed invoice payments etc can be, I have tried to reflect that in the way I budget. I’m far from being a financial expert, and my brand of budgeting is quite basic, but these are some of the lessons I’ve learned from living with a budget for almost a year. The second part of my book is designed to be a bit more practical in this way, covering everything from opening up about money worries and conversations with your bank to setting goals and making a budget. I was worried when I first set out writing it that people might not want that type of advice from someone still working their way through it, but then I realised that possibly that’s exactly what some people need. It’s all of those ups and downs and sort of ‘human’ bits of money management where lots of us come unstuck. If it were a university course module, it would be called ‘Budgeting for Humans’. Please feel free to share anything you’ve learned in the comments!

A post shared by My Frugal Year (@myfrugalyear) on Feb 3, 2020 at 6:42am PST

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Hi there!

There is such a wealth of budgeting advice on social media, and a real community around money management has sprung up in the last couple of years. Emilie Bellet’s @vestpod is an absolutely brilliant account to follow, especially at the moment, as is Alice Tapper’s @go_fund_yourself.

Many people will need to look at how they can survive on 20% less income if they have been furloughed, while others may be facing unemployment. With so much uncertainty, it really helps to have a flexible budget, but not everybody has that luxury. There will be many people who were just about getting by on their full income, and that is where communication with banks, lenders, mortgage providers and landlords is absolutely essential. Banks and creditors may be able to offer payment holidays on mortgages and loans, while a conversation with your landlord is essential if your ability to pay rent may be affected. It can be difficult to accept or admit that you need help, but remember that you are by no means the only one, and if you anticipate these things in advance they are far less scary.

Mostly, make sure you take care of yourself - these are unprecedented and worrying times, but things will be ok.