Paul’s Podcast – Budgeting

We’re delighted to announce the launch of Paul’s Podcast, esbs’ latest initiative to foster financial literacy and support members with information, guidance, and financial insight from our Chief Executive Paul Tilley.

Paul has decades of experience in the financial sector, 12 of which have been spent at the helm of esbs.

The podcast is taking money management back to basics covering topics like budgeting, savings, and financially preparing for children, in 10 minute bite-sized monthly episodes.

This month we’re covering budgeting, you can find the full episode here.

There are various approaches to budgeting, and it’s essential to find what works best for you. One method is the “zero-pounds” approach, where every penny is assigned a purpose. Start by totalling your monthly income and deducting fixed essential costs like rent, loan payments, and utility bills. The remaining balance is then allocated to different categories such as savings, necessities, and discretionary spending until all your money serves a purpose.

To refine your budget further, consider breaking down categories into more specific expenses. Tracking your spending is crucial; it provides insights into your habits and allows for adjustments. By identifying unnecessary expenses and reallocating funds accordingly, you can optimise your budget for your lifestyle.

A budget is not static; it evolves with your life circumstances and financial goals. Regularly revisiting and adjusting your budget ensures it remains relevant and effective. Whether it’s accommodating new expenses or reallocating funds to align with changing priorities, flexibility is key to successful budgeting.

Find a budgeting method that resonates with you, whether it’s traditional pen and paper, spreadsheets, or budgeting apps. Experiment with different tools to discover what works best for your needs. The envelope method, where cash is allocated to specific expenses, can provide a tangible way to manage discretionary spending and plan for irregular expenses.

Your budget should reflect your financial priorities and goals. Whether it’s saving for short-term expenses, like a luxurious meal, or long-term objectives such as retirement planning, align your budget with your aspirations. Discussing financial goals openly, especially in shared households, ensures everyone is on the same page and actively contributes to achieving them.

While budgeting is a practical tool for financial management, it’s also about enjoying life responsibly. By striking a balance between financial discipline and indulgence, you can live comfortably while working towards your goals. Remember, budgeting is not about restriction but empowerment and fulfilment.


We encourage you to embark on your budgeting journey with confidence. Share your experiences, tips, and questions with us on our social media channels, and let’s support each other in mastering financial management. esbs can be found @earlshitonbs on X (formerly Twitter), Instagram and Facebook or EarlShiltonBuildingSociety on LinkedIn.

In our next podcast, and accompanying blog, we’ll delve into different types of savings accounts and the best strategies for growing your money effectively.