A SAVVY saver has shared a “money pie” budgeting plan that could help you save money and track where it is being spent.
The savings fan posted on TikTok under her username @femalemoneydoctor explaining how to make a monthly budget by putting your money into spending categories.
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She said the first step calculate to see how much money you get per month.
Then, she said you need to create a number of categories to put your cash into, and she advised her followers to have at least three on their list.
These categories are “essentials” for food, rent, council tax, and household bills; “fun” for money needed for clothes and takeaways; and “savings” for cash needed for emergencies.
She also advised followers to create a “future” category, such as putting money aside for your retirement.
In her video, the savvy saver created three extra categories for her money to go into, which were “charity”, “education” and “health”.
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However, she said any extra categories you create should be based on your lifestyle and “what you feel that you need” to spend each month.
She then said you need to calculate how much of your monthly income should go into which category.
She said she “loves” the plan as she can allocate the money she’s put into her categories into separate bank accounts to keep track of her spending.
However, she said you could also do the same if you have a Monzo card or Starling Bank card.
Fans liked and shared the post, saying that it was a “really good way” of keeping track of spending.
She’s not the only savvy saver on TikTok sharing savings hacks.
One saver under the profile Invest with Mon explained how you can save £5,000 in just 100 days using the 100 envelopes challenge.
She told followers to write the numbers 1-100 on separate envelopes then pick one out at random every single day (or change it to twice a week if you prefer).
Whichever you pull out is the amount of money you save – it’s really that easy.
For example, if you select the envelope with the number 6, that’s £6 you must save.
Another bargain hunter revealed how he never pays full price for anything by using Facebook’s Ad Library to get discount codes.
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