7 Simple Ideas To Help You Stick To Your Budget

By Maricor Bunal – Guest Author

If you’re looking for budgeting tips, you’ve come to the right place. Budgeting isn’t something that comes naturally to everyone. Many of us can’t seem to live within our means. But as with all things, sticking to a budget will get easier with practice and perseverance.

Here are 7 simple steps you can take to improve your budgeting skills.

1.Set clear goals.

What do you want to save up for? Do you have your eyes set on a new air conditioner? Are you still dreaming about that new computer you saw last month? Turn the items on your wish list into goals you can work towards. Every time you find yourself tempted to buy something you don’t need, just think about your goals.

2.Create a plan.

This is the nitty-gritty of budgeting. You need to plan for how your income will be spent. The average household spends most of its income on essential expenses like food, school, utilities, transportation, and housing. Savings and debt payments must also be taken into consideration. While you don’t necessarily have to plan for every single day, it certainly pays to lay out a monthly spending plan.

3.Prepare for the unexpected.

No matter how good your plan is, there are just some expenses you can’t predict and prepare for. That’s why it’s smart to set aside a little cash apart from your savings. This isn’t quite the same as an emergency fund since you’ll be using it for little-unplanned expenses like home repairs and school projects.

4.Keep track of your spending.

You have to know where your money goes. If you track your spending over a 10-day period, you might just discover unnecessary expenses you could’ve reduced or eliminated. Do this often and you’ll eventually be completely aware of your spending habits. At some point, you may even find a way to trim your utility bills and save more money.

5.Resist the temptation.

Retailers have ways to tempt you into buying items you don’t need. They may try to offer free reward cards, set up flash sales, and entice you with once-in-a-lifetime deals. If you often find yourself buying stuff you don’t need, it could be the result of any of the aforementioned techniques. You have to be more wary of them and do your best to resist the urge to splurge. Here’s an extra tip: try channeling that burning temptation to spend into something more frugal and rewarding, such as using coupons to save on groceries.

6.Don’t be afraid of debt.

Not all debt is bad. Taking on a little debt can actually help you in the long run. Mortgages and student loans are two good examples of good debt and they have the potential to grow in value over time and generate income. Just be sure to weigh the pros and cons before saying yes to any debt.

7.Reward yourself.

Just because you’re on a budget doesn’t mean you have to deprive yourself of fun. A little positive reinforcement every now and then can go a long way. Once the dust has settled and you’re a step ahead of your finances, give yourself a small reward. Something as simple as an ice cream sundae or a slice of chocolate can be a huge source of motivation and happiness – especially if you love sweets.

Sticking to a budget – no matter how small – doesn’t have to be the most difficult challenge ever. If you heed at least one of these tips, you will already be setting yourself up for success.

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This post was previously published on MONEYLOGUE.COM and is republished with permission.

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