priorities change with age (Photo: AI)
Although budget templates are widely available, simply copying one does not guarantee financial success. According to financial literacy expert Patrick Wameyo, a budget is personalised when every activity and amount allocated to each item reflects your priorities and financial goals.
He advises viewing budget templates as guidelines rather than standard tools that apply to everyone. As financial priorities change with age, responsibilities and circumstances, a budget that worked for someone aged 35 may no longer be appropriate 20 years later.
“For example, if I pick a budget line like transport, how I prioritised my transport at age 35 doesn’t reflect today’s situation 20 years later. My view of schools and, as a result, associated expenses of school fees, transport and child allowance have shifted too,” he notes.
The percentage of spend on school fees should be about 3 per cent of your income, yet the percentage spent is acceptable at age 35 compared to age 55 for a child of similar age and has also shifted.
