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.
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.
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.
