Let’s admit it; we all wish we were good at budgeting our finances. Budgeting is something we all should do but manage to fail each time. It takes a lot of dedication, determination, and constraints to stick to the budget you have set. After the crash of Wonga loan, it is time we all finds ways to save on our money to efficiently manage our financial needs.
So, how can one stick with the budgeting and not deter from the path of saving. Before budgeting, it is essential to remember that it comes with a lot of benefits and advantages. Not only it will give you contentment, but will also enable you to have a sound sleep at night.
In this article, you will find all those ways that will necessarily help you stick to your commitment and save more and more.
#1 Track Your Receipts
It is common to feel all pumped up at the start when you decide to budget; however, as days pass by, the motivation starts to wear off gradually. As days pass into weeks, it becomes hard to keep track of all the expenses you have made saving you have done. When you decide to budget, it is essential to keep a check on how much you spend and where you spend. Keeping an account of all the expenses you make will reveal to you where you are spending unnecessary and on what you can save.
#2 Find Out Your Disposable Income
Disposable income is the amount of money left with you at the end of each month. With this money, you can do whatever you want. When setting a monthly budget, it is essential to determine how much you have as disposable income. With knowing exactly how much money is left with you after making all the deduction, you can’t manage to budget for long.
#3 Create Separate Budgets for Special Occasions
Special occasions are like cheat day when dieting. It could be tricky to save money when you have a special day on your head. The trick is to be smart and calculative in advance for occasions like birthdays, anniversaries, Christmas, New Year and Holidays.
Always be ahead in making a budget for a month. If a special occasion falls on a particular month, plan a special budget for that occasion, and follow it.
#4 Avoid Impulse Buying
This is something very difficult to do for most of us. If you are someone who is impulsive, chances are you may fail in the attempt to budget. Random purchases, sudden movie dates, or dine outs can spill water to all your money saving efforts. The best thing to do to avoid impulsive buying is to keep yourself away from such situations. Instead of mall visits with friends, take a stroll to the nearest park or garden. It that will still not prevent you from splurging on shopping, delete all the shopping apps and websites from your phone.