Gloucestercitynews.net (Nov. 25, 2019)–Do you struggle to maintain a budget every month?
Are you always hoping to save extra cash but end up spending it all?
If you\’re not careful, it can be easy to lose track of monthly expenses. The little things add up and suddenly you\’re over budget.
This article will teach you the best ways to keep a cushion in the bank each month.
1. Balance Your Wants and Needs
Before you can start saving money, you need to get real about the things you want vs the things you need.
Try adopting the
50/30/20 rule
where you spend 50% of your income on things you need, 30% on things you want, and 20% on savings.
Figure out how much you make in a month and cut it in half. That half should automatically be applied to things like rent, bills, groceries, and gas. Then take the remaining amount and spend 30% on things you want and put 20% in savings.
2. Eat at Home
It\’s easy to spend extra cash if you\’re always dining out.
Not only is the food more expensive, but you have to factor in a tip. Try making your meals at home for one month and see how much extra money you have.
This tip should also help you with your waistline, as you\’ll be the one in control of the ingredients.
3. Start a Calendar
Bills are due every month but not always on the same day.
Start a calendar so you can keep track of when different bills are due. This will keep anything from sneaking up on you and causing you to pay late fees.
It will also remind you when you have a particularly expensive week coming up that you need to monitor your spending closely.
4. Use a Budgeting Website
Human beings are fallible and it\’s easy to forget to write down a number or a bill payment.
Use a website for your budgeting that will send you automated reminders and keep track of what you\’re spending.
A website like
www.paystubs.ne
t is run by professional accountants who will generate pay stubs for you.
5. Discover Your Weaknesses
Everybody has different weaknesses when it comes to spending money.
Some will blow too much on new shoes, while others will spend hundreds to attend numerous sporting events.
It\’s important you identify your money spending weaknesses so you can curb them. You don\’t need to deprive yourself completely, but rather cut back and use your favorite treats as rewards for saving.
Follow These Tips to Monitor Your Monthly Expenses
Being careful with your monthly expenses will pay off.
If you become aware of how much you\’re spending and save more, in just a few months you could have enough to buy something you never thought you could have.
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