Needs include essentials that you cannot live without:

• Housing (e.g., rent or mortgage)
• Utilities (e.g., electricity, water, gas)
• Groceries
• Insurance (health, car, or life)
• Minimum debt repayments

If your Wants exceed 30% of your income, try:

• Cutting down on discretionary expenses like dining out, entertainment, or subscriptions.
• Tracking where your money goes and prioritizing the things that bring you the most joy.
• Setting limits for hobbies and impulse spending.

Treat high-interest debt as a priority. You can temporarily adjust the 50 30 20 Rule to allocate more to debt repayment:

• Focus on clearing high-interest loans like credit card balances.
• Once your debt is under control, return to saving and investing.

For those with irregular income, such as freelancers or contractors:

• Base your budget on a conservative estimate of your monthly income.
• Save more during high-income months to balance out low-income periods.
• Consider building a 3-6 month emergency fund to cover unexpected shortfalls.

Start small and focus on building savings habits:

• Save as little as £10 a month – small amounts add up over time.
• Prioritize creating an emergency fund for financial security.
• Look for ways to cut unnecessary expenses or boost your income.