Life is getting more expensive by the day. Everything from food to toiletries, petrol to public transport, rent to mortgages. That’s why mastering the art of budgeting has never been more important. If you want to stay on top of your finances and make sure you have enough for daily necessities, treats and the occasional luxury too – it really helps to take a strategic approach. Find out why you should budget, some tips and tricks plus the benefits of renting your telly instead.

Why do I need to budget?

Before we talk about the specifics of TV rental, let's explain why it’s important to budget. It seems obvious – don’t spend more than you earn. But, when you aren’t properly tracking what’s going in and out, it’s easy for things to get out of hand. 

Budgeting helps you plan for the future, so you can reach your goals. Owning a home. Buying a new car. Saving for a wedding or new member of the family. It gives you a way to allocate your income, manage expenses and build a secure financial future. Craft a clever budget and you’ll have full control of your spending so you can make informed choices.

Simple and smart budgeting hacks

Track your expenses

Start by writing down all your expenses. Every last one. From major bills to minor impulse purchases. This will provide you with an honest and full overview of exactly where your money is going.

Categorise and prioritise

Group your expenses into categories – housing, transport, shopping, eating out and more. You can have as many as you want, as long as they’re helpful. Once you have decided your categories, give them a priority level – high priority (essential), medium priority (beneficial), low priority (non-essential).

Set your goals

Think about your short-term and long-term financial goals. Whether you're saving for a particular item, gift or holiday vs a new car, mortgage deposit, or retirement. Setting these goals will keep you motivated and focused.

Decide how much to save

Right now, how much could you realistically put aside each month for savings? It can be as big or small as you can comfortably afford. You can break this down into a tiny amount per day (like the price of a coffee), a set lump sum each month or a variable amount, if your income isn’t stable.

Build the budget

Based on your current expenses and newly prioritised categories, it’s time to create a plan. Allocate a specific amount of your income to each category. Make sure you leave enough for your savings and unexpected expenses like a car breakdown or family issue. Make sure the budget adds up to your total income or below.

Review as you go

Our lives change all the time. So your budget needs to be flexible too. Check at the end of each month to make sure you're staying on track. Every 6 months, decide if you need to make changes and redo the full process. If your income changes, you could simply add more to savings or another category you feel you’re missing out on.

The budget way to get a TV

Televisions. We all love watching them, streaming and catching up on our favourite shows. But shelling out for the latest model or replacing a laggy set is pricey. Luckily, there’s an emerging budget-friendly alternative to owning one – weekly TV rental. 

High-quality TVs come with a high price tag. Which is why, for people who can’t afford to pay a big lump sum in one go, weekly TV rental is a helpful alternative. This is especially true when finance isn’t possible due to bad credit or you can’t afford bigger monthly payments. If you’re still not convinced, here’s a few more reasons why TV hire might be a good idea:

The TV you want, for a price you can afford

Today, we all want a smart TV with our favourite apps, a stunning Ultra HD display and plenty of additional functions. But this clever technology doesn’t come cheap. By renting a TV weekly, you’ll pay small and manageable chunks instead of a hefty up-front cost. This is why it’s a great option for anyone who wants quality on a small budget.

Hassle-free

Many TV rental companies offer free delivery, set-up, maintenance and repairs. This means that at least your TV won’t be to blame for any unexpected expenses which will negatively impact your new budget. 

Upgrades

At the end of your rental contract, some companies allow you to upgrade to a newer model for the same price. If you choose to keep your current television, they may also offer you a heavily discounted rate. 

Feeling budget-confident?

If you want to be financially secure and make the most of your money, budgeting is vital. It allows you to see your spending more clearly so you can make wise decisions. By using our tips and incorporating weekly TV rental into your plan, you should find it a lot easier to save and work towards your goals.

Further Content:

• Pay Weekly 4K TVs

• The Ultimate Gadget Buying Guide

• 9 Ways to Keep Your Home Clean and Tidy