Help! How Do I Make A Budget...And Stick To It?

We all know culling your morning latte won't actually result in an overnight house deposit - but how do you get a grip on your finances, especially during the holiday season? We find out...

- JENNIFER SAVIN, KEMONG MOPEDI

BREAK THINGS DOWN MONTHLY

"This is key to taking control of your money," says Casey Goodwin, a financial planner. "Start with your total income (minus deductions for things like taxes), then list all the essentials you spend money on each month, such as rent, petrol, debt and food." Free budget planner apps can help, too - Old Mutual's 22Seven has features that track your spending and investments, giving you a thorough breakdown of your money habits, while MoneySmart will go as far as recalculating your budget if you've overspent - just so you can reach the end of the month without having to borrow from friends.

ALL IN ONE

Whether it's physical paperwork (think: bank statements, receipts and bills) or digital documents, file them all in one easily accessible place, advises Goodwin. Then, get your direct debit ducks in a row; it may take a few calls, but arranging your utilities and rent to be paid on the same day (ideally payday) makes it easier to manage a budget.

THE BIG SPLIT

Separate your salary into two bank accounts - if you don't dread the admin, of course. "One for bills, that you can't touch, and one for general spending, says Goodwin. This will help you to track 'fun spends' vs 'fundamental spends'. Bonus tip: open your second account with a bank that gives lower bank charges (think Capitec) or one that gives out cash rewards for joining or switching to them (think: Discovery Bank).

SAVE WHAT YOU CAN AFFORD