Priceless Budget Tips
In today’s post, The Harrison Blog is sharing a few budget tips. Maintaining a steady budget can be a difficult thing to accomplish, and many people don’t know where to start. This SNL skit, while hilarious, is pretty spot on when it comes to the basics of budgeting. Not buying something when you can’t afford it, or buying less than you make, is a priceless tip that’s not always easy to follow. If you’re spending too much or struggle to keep a budget, then keep reading to learn how you can start right now in your Franklin Township, New Jersey apartment. If a budget is working for you, see if there are any tips that you can add to our list by commenting below.
Save before you spend
The goal of budgeting is not to keep track of every single dollar that leaves your bank account. Rather, its purpose is to help you control how much you spend so that you can spend less. One of the best ways to spend less money is to save before spending. While many people will spend first during the month and then save whatever is leftover at the end, they are actually more likely to save less than they might plan.
Track your spending
Record how much you spend and what you spend it on for a month. This will give you an understanding of your spending habits and how even small purchases add up over time. Even doing this for a week will open your eyes to your spending patterns that you can start to change.
Make a Plan
Many people who approach budgeting for the first time will choose to start with what’s known as the 50/20/30 Plan. Basically, 50% of your income should go toward necessities, 20% toward long term saving, and 30% towards lifestyle choices. As you begin to budget, see if this plan works for you. Then, make necessary adjustments to meet your needs.
For more information about keeping a budget, check out 7 Tips for Effective and Stress-Free Budgeting, which inspired these points in our post today.
Maintaining a budget is not easy, but when done right the result is priceless. Take time today to take charge of your finances and start budgeting! Thanks for reading.