Before you start identifying all your incomings and outgoings, make a list of all the financial goals you want to achieve, for both the short term and long term. These goals aren’t set in stone but it will help if you know your priorities before you start a budget.
Short-term goals should take no longer than a year to achieve. Long-term goals, such as saving for retirement, the perfect home or children’s education, may take many years to achieve.