Sticking to a budget is a challenge for many of us – do you find yourself struggling to pay off a huge credit card bill at the end of every month? There are actually loads of simple ways to set a realistic budget and stick to it, even if you don’t have much to spare each month. Let’s take a look at some of the best tips for sticking within budget, without compromising on doing the things you love.
- Take your own lunch & coffee
You’ve probably seen this budgeting tip many times before, but just think about how much it could save you. An average daily spend on lunch is around $10, so that’s $50 in a five-day working week! Similarly, you can bring your own coffee supplies to the office rather than heading to Starbucks every day, which can save another few dollars a day. Even if you don’t want to pack your own lunch every day, doing so on at least one or two days per week can still help you save a decent amount of money.
- Carefully consider all purchases
Before buying something, ask yourself if you really need it. Chances are, the answer is no. Of course, it’s fine to treat yourself now and then, otherwise you will be left feeling miserable. But, it’s a good idea to carefully think about whether you truly need the item and will use it often enough to justify its purchase. Perhaps sleep on it and come back to it the following day, and if you still feel you must have it, then you should buy it.
- Make a budgeting spreadsheet
There are loads of apps and programs out there to help you manage your budget, but these often come with a cost themselves. So, why not create a simple spreadsheet instead? You can make a column with all income and another listing all regular monthly expenses. Then, you can clearly see what you are spending on and if there is anywhere which can be cut back on. Be sure to review the sheet regularly to ensure it remains up-to-date.
- Don’t waste anything
Many of us are guilty of buying more than we need and wasting what doesn’t get used. When it comes to food, carefully measure out portions, freeze leftovers or take them to work for lunch the following day. It’s amazing how much money is wasted by throwing away food! When going grocery shopping, first check the cupboards and fridge and make a list before heading out. Try not to divert from the list too much, as this can result in both overspending and excess food which could end up being thrown away.
- Avoid upgrading all the time
There is so much pressure to keep up with the latest technology all the time, but mostly, it’s simply not necessary. Unless there is something wrong with your laptop or cellphone, there’s no need to buy a new one just because a newer model has been released. And when it is time to upgrade, try selling your old gadgets online. You can also look for used or reconditioned laptops, tablets and phones on various websites which can save hundreds of dollars compared to buying new. Not to mention, it’s much better for the environment too.
- Don’t forget to save
When setting a budget, don’t neglect your savings account. You should set a small amount aside each month before spending on anything else, to ensure you have some funds ready for a rainy day. Even a small amount each month can add up over time. If you have money left before your next paycheck comes in, try saving it rather than going shopping – you don’t have to spend your full budget every month!
- Think how long it took to earn your money before spending it
If you are about to make an expensive purchase, just think about how many hours you had to work to earn the amount you are about to spend. This is a great way to help you remember the value of money rather than throwing it away unnecessarily.
If you have enjoyed these budgeting hacks, why not head over to bestbudget.com where you can read more awesome finance tips to help you manage your money better.
