There are occasions when consumers may realize that a little bit too much money may have been spent on presents, home decorations, extra food and drinks, perhaps shoes and clothing that may not have been really needed at the time. So on counting the costs, many of us are probably admitting to ourselves that we have gone over our budgets on many occasions. But it is never too late to make amends and today, we will be giving you a few more budgeting tips which we hope you will put into practice throughout the year.

Budgeting is a way of ensuring that one's expenditure is keeping with one's level of income. This means that careful budgeting should prevent spending more than we can really afford. Budgeting also makes it possible for us to save a percentage of what we earn on a regular basis. It is a fact that if our expenditure exceeds our level of income, then ultimately we will be faced with debt problems.

To plan a workable budget, time is needed for careful preparation. Start by making a list of everything you spend money on daily. It may be possible to eliminate quite a few of these items which you could have well done without.

Make a note of your net income - that is, the amount paid in hand after deduction of social security, medical benefit and education levy, etc. This should be done on a weekly, fortnightly or monthly basis, depending on when you are paid.

Next on the list should be the essential items for which payment is made such as mortgage or rent, utility bills, insurance premiums, or other outstanding debts.

Loans, if any, childcare or nursery fees, school fees, transportation costs, food and household goods and anything else, depending on the family's circumstances.

It is also important to set a little aside for emergencies, if possible, such as urgent repairs needed to your vehicle, household appliances, and so on.

A well-balanced budget makes it possible to control spending as well as to save a part of your income for those rainy days.

For further information on this and other related matters, contact Prices and Consumer Affairs Division,Redcliffe Street & Corn Alley. Telephone: 462-4347, 562-2732/3.