Our resident money expert Sinead Campbell, Head of Money, Debt & Quality at Advice NI says that a different style of budgeting, defensive budgeting, is on the rise
There are many households that already know how to manage a strict budget to stay in control of their finances. However, as the cost-of-living continues to affect finances of more households than ever before, many will need to re-budget regularly to manage their outgoings and make savings where possible to avoid getting into debt.
She explains: “As prices for our everyday necessities and our bills remain high, many households are budgeting in a way they haven’t before. Defensive budgeting is essentially a shift in how households are spending, by developing a strict realistic budget and continuously reviewing this as prices increase or circumstances change.
“We know the financial struggles that people are facing and are we are primed to help. We urge anyone worried about their situation to reach out to our network of debt advisers for support in trying to prevent or manage debt. You can also find self-help tools and resources on our website, such as a budget planner.”Ease the effects of inflation
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