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ETFs · Index funds · Workplace funds · Stocks · Mana Credit · Compare halal products ↗ · Terms · PrivacyBudgeting 101
Most people fail at budgeting because they rely on discipline. The only budget that works long-term is one that runs on autopilot: you set it up once and it handles itself.
Before you can build a budget, you need to know where your money actually goes, not where you think it goes. These are different things for almost everyone.
Open your bank app and look at the last 3 months of transactions.
Group them into categories: housing, food, transport, subscriptions, personal.
Add up each category. Be honest, include everything.
Compare your actual spending to the benchmarks below.
💡 Most banks do this for you
Monzo, Starling, and most high-street banks now categorise your spending automatically. Go to “Spending” or “Analytics” in your app.
These are rough benchmarks as a percentage of take-home pay. Your actual numbers will vary. The point is to identify categories where you’re significantly over.
| Category | Benchmark |
|---|---|
Housing (rent/mortgage) If above 35%, this is your biggest lever for change. | 25–35% |
Food & groceries Includes eating out. Often the easiest category to cut. | 10–15% |
Transport Car payments, fuel, public transport, parking. | 5–15% |
Utilities & subscriptions Energy, phone, internet, streaming, gym. | 5–10% |
Savings & investing This is non-negotiable. Pay yourself first. | 15–20% |
Personal & lifestyle Clothing, personal care, entertainment, gifts. | 10–20% |
Emergency fund top-up Until you have 3–6 months of expenses saved. | 5% |
The goal is to make good financial decisions automatic, so you never have to rely on willpower.
Know your payday
Your budget automation starts with your payday. Everything else should be timed around it.
Set savings and investing on payday
The day you get paid, transfer your savings and investing amounts automatically. Not at the end of the month, on payday. If it's there, you'll spend it.
Schedule bills mid-month
Set all fixed bills (rent, utilities, direct debits) to come out within 2–3 days of payday. This way you know exactly what's left for the month.
The remainder is yours to spend
Everything left after savings and bills is your spending money. You don't need to track every penny: the automation has already taken care of the important parts.
Review monthly, not daily
Once a month, look at your bank app and check if any categories are way off. Adjust the automation if your life changes.
Pay yourself first.
Most people save and invest whatever is left at the end of the month. There’s never anything left. The only way to break this pattern is to move your savings and investing money out on payday, before anything else. Treat it like a bill you have to pay to your future self.