Budgeting Support for Construction Workers

What is budgeting?

Budgeting can sound like a dry and boring subject 😴.

But… by spending a bit of time on your budget it will become easier to pay bills on time, build an emergency fund, and save for major expenses if you are able to do so. There are lots of free tools available to help you do this.

What is disposable income?

Disposable income is the money you have left after paying your essential bills (like rent/mortgage, utilities, travel, and food). Think of it as the cash you can use for savings, fun, or extras after taking care of the basics.

How to Budget

Before we start budgeting. Think about how you are going to do it. Are you happier with a mobile app? A spreadsheet? Or a pen and paper?
Add up the earnings of everyone in your house who pays bills after tax, national insurance and any pension or student loan contributions. Your net pay on your payslips will tell you this amount. If you are self-employed, remember that you need to set aside an amount for tax and national insurance. That amount will depend on where you live and how much you are earning.
Look at your bank statements from the last 3 months.
Sort each expense into categories of what is NEEDED, what is WANTED and what is for FUTURE PLANNING (such as savings or paying debts)
Make sure that your direct debits come out as soon as you have been paid. Or some banking apps can set aside your money into pots for bills to stop you from spending it.
Divide what money is left after bills by 4, to give you a rough weekly budget.

Tools and Tips

There are plenty of free and unbiased online apps that can help you budget.

For the UK, we have found that the best tools are Money Helper’s budget planner and Citizen’s Advice budgeting tool.

If you’re based in the Republic of Ireland, the Money Advice and Budgeting Service (MABS) has their My Budget tool to help you.

Has this helped?

Talking about money and working out your budget can be overwhelming. If you have high debt levels, are struggling to pay your bills, or just want to talk it through with someone, we have a trained team of helpline staff and case workers who are here to support you or your family if you work in the construction industry or the trades.