Everyone of us, at one time as fallen into that trap of excess spending. To avoid this, you need to consider the following smarter spending steps that will inspire an overall plan and new habits that will guide your day-to-day decisions.
Budgets revolve around 3 costs: food, housing, and transportation. After you budget for these expenses, which probably will account for between half to two-thirds of your take-home pay, and factor in any debt payments, you can decide how to prioritize savings, household expenses, professional expenses and entertainment. Those flexible expenses can be scaled up and down more quickly than fixed costs like rent payments.
If you want to budget, you can simply use a smart phone app like Level money. On Mint.com you can upload your credit card account information and get immediate insight to where your money is going. You can then use that information to start saving more money. Using these online tools, will go a long way to make it easier to manage your money.
If you have plans to buy a specific item, then you need to put in those plans earlier enough and budget for them to avoid buying on instincts.
Budgeting for the year helps to put in more buffer for unexpected expenses
Having money set aside for each of your expenses makes it easier to manage and track where the money is going. Some people overlook those small and inexpensive expenditures, only to discover late when they run of cash.
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Go back to the decisions you made earlier, to pinpoint your weaknesses. Also consider the good decisions you made like doing a price comparison before buying a car.
Try to write down every single thing you spend money on for the last 1 month. Why and how it made you feel. Review the list, and see what is not supposed to be there.
Avoid signing up for any promotional email that come your way. Cancel them if you have subscribed to avoid those tempting emails with shiny catalogs.
Don’t deny yourself every material pleasure that comes your way. After hard work for your money, let it bring some pleasure. Maybe occasionally taking a meal out.
Also Read: Personal Financial Strategies to Last a Life
Simply share with your friends and get their feedback.
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Those are amazing tips to budget and get a hold of our personal finances!! Love it!
Thanks.
Great post. Thanks for this great tips and advice. I will try to incorporate them this year.
Glad to know that. Thanks for dropping by.
We just purchased quickbooks in an attempt to help manage our spending but I just need to take the time to learn how to use it. Planning is usually the key to success.
True, thanks for reading.
I use the all MINT to help with this and it’s sooooo great!
Thanks.
Thanks for the tips. everyone of us needs a reminder of smarter spending from time to time.
True! Thanks for visiting.
The post contains fresh essence of ideas that will help growing business and career. The smart spend plan is cool :)
Thanks for reading!
This tips are superrrr helpful! Thank you so much for sharing!
Welcome.
these are all very good tips. i am an accountant by trade, so am very meticulous in budgeting and tracking spending in my persona life, and i follow all of these.
Happy to learn that. Welcome.
I totally agree with budget by the year, not just the month as you never knew there are unexpected expenses pop out.
Appreciated.
Informative and well written and to the poiint, really appreciate you sharing this.
Thanks.