My Budget Review Q3 2008

Another three months has passed and it’s time again to review my finances. The economic climate may have taken a turn for the worse, but will my finances require a government bailout?

My spending on essentials (i.e. Rent, Food & Bills) is £104 under budget however this includes the £11.72 and £15 per month savings I have already made from switching my mobile phone and broadband provider. So after taking these into account I am actually £24 under budget which is very good considering the rising rate of inflation on my food and electricity costs.

My discretionary spending (i.e. everything except for essentials) was £373 over budget, which would have been even worse if I hadn’t earned £103 from betting refunds which have already been included in my total earnings. All of my overspend can be attributed to my unplanned holiday to Barcelona to watch the England football team.

The next big challenge is to minimise the cost of Christmas as the costs of buying presents, attending Christmas parties and the big day itself can all add up. If I am prudent over the next couple of months then I could well end the year under budget which would be a massive achievement considering the substantial rises we have seen in living costs this year.