If you are looking for a bit of advice, when it comes to monthly budgeting, continue reading to discover a helpful list of simple to follow money budgeting tips.
Money budgeting tips:
1. Wait 24 hours before purchasing an impulse item
If you usually purchase items on impulse, do yourself a favor and wait 24 hours before purchasing an item on impulse, which you may not need. If after 24 hours you still have your heart set on purchasing the item in question, go ahead and purchase it.
2. Put a bit of money aside each month for unexpected incidentals
If you don’t want to be caught short at the end of the month, due to unexpected expenses, it’s well worth setting aside a little extra money each month as a cushion for your budget.
3. Treat yourself to a limited amount of luxuries each month
While it’s important to save for your future and to achieve your short-term and long-term goals its also important to treat yourself to a few luxury items each month. As you’ll be far more likely to stick to your budget if it’s realistic and relatively easy to follow. After all, you’ll be far less likely
4. Set up automatic payments from your primary bank account to a term deposit bank account
In order to ensure that you save a fair portion of your monthly income, make sure to set up an automatic payment from your primary bank account to a term deposit bank account, which will offer you a higher interest rate.
5. Don’t feel obligated to accept every invitation which you’re given
If you normally attend every social event which you’re invited too, you’ll probably spend hundreds of dollars each month on purchasing gifts as well as meals and alcohol. So if you’re serious about saving money and regaining control of your finances, it’s well worth thinking carefully about which social invitations you want to accept and which social events you should politely decline.
If you find yourself having to respectfully decline some of your friends and family members invitations, it’s well worth inviting the friend whose invitation you declined to a meal at your home. So that you won’t run the risk of spoiling any of your valuable relationships.
6. See if you can find cheaper utility companies in your area
As an example, if you have a feeling that you’re overpaying for power, you may want to ask for quotes from a variety of power companies who operate in your area. To make sure that you’re receiving great value for money. If you happen to find a power company who offers the same level of service and quality of products, you may even decide to switch your power company permanently.
7. Stop wasting your hard earned money on purchasing products from popular brands
If you want to rapidly increase your savings’ balance, it’s well worth purchasing generic branded products such as coffee and sports shoes, instead of purchasing branded products.
So if you’re ready to see your savings increase in a short period of time, it’s well worth testing out all of the budgeting tips listed above!