If you have a budget – you know exactly how much money is coming in and how much is going out – which helps you deal with unexpected expenses much easier…
It’s one thing creating a budget – but it’s even harder sticking to that budget.
Here are some tips for staying on budget.
- Always focus on savings! Have an amount direct-deposited into a saving account. This will make a big difference to you later on!
- Draw enough cash to last a week! And don’t spend more than that!
- Stop drinking or smoking and put that money towards something else – like savings!
- Share the responsibility – make sure your entire household shares the responsibility of the budget!
- Get your debt down! Choose your loan/card with the highest interest rate – and pay as much as you can every month and get it down quickly!
- Keep your receipts for several weeks – keep a money diary – and keep track of exactly what you are spending on a daily/weekly/monthly basis! This makes a huge difference!
- Make sure you always have enough money to cover the basics.
- Got a money diary – keeping a record – looking at your bank statements – go through these – analyse them – see what you’re being charged for your debit orders, banking costs. Only by analysing these will you see where you can cut expenses.
- Set up savings accounts you can’t access easily – especially if you find you are constantly ‘borrowing’ from your savings!
- Be flexible! Life happens – and so do expenses. Although you need to stick to a budget – remember there are going to be times where you are going to need to be flexible with yourself!