One of the hardest things to do is budgeting – if only we could have an infinite supply of money and buy whatever we like, anytime we like but unfortunately that’s not the case. Earning money requires hard work and time which means its important to spend our money wisely. But not everyone can do that with ease, many of us don’t think twice about spending our dollars. But if you’re somebody who needs a few tips on budgeting basics, you’ve come to the right place. Today’s blog will provide you 4 easy tips that you can do to start budgeting.
Create a budget
Now, this is the most crucial budgeting basic. It may sound obvious but too many times we try to budget without having a goal. So create a budget to see how much money is coming in and out weekly. Set realistic goals, if you know there are items you need daily, set aside money for those necessities. This will help you take control of your spending.
Review your spending
This may seem like a self-explanatory tip, but many of us forget to be accountable for the items we purchase. We tend to buy items aimlessly and forget that our bank accounts decrease as we go. So always review what you spend, to ensure you know exactly what you’re buying, then start analysing what items you purchased were necessary and what items you could live without! Then construct a plan for next week with the changes you’ve reviewed.
Use Cash
Our next budgeting basic is use cash. Credit cards have become such a convenient tool; however, it can be harmful when we become comfortable with the ease of buy now pay later. Carrying cash will help change your spending habits as you can see your money physically decreasing and may think twice about buying that item.
Have a budgeting buddy
You don’t need to do it alone! Whether you consult a partner, friend, sibling, parent, ask somebody to help you on this journey. It’s not easy, but with a friend you can feel more at ease! Do weekly reviews and check ins to see your progress and encourage each other, this will help you be more focused and motivated to spend less.
LiveTriber’s, have these simple tips helped you? Are you going to try one of these budgeting tips?
