Have you ever had one of those months where you keep falling out of your budget? You set your target for the month but somehow when you sit down to calculate by the end, you find out that you’ve managed to spend more than you should have.
Well, believe it or not, you are one of many. The unfortunate thing about our schooling system is that it fails to teach you about practical life and important skills like finance management, which leads to problems like so in your adult life.
As you grow older and wiser, you learn a lot of things including the importance of budgeting and how it can impact your savings. The past two years have been nothing but a reminder for people to get their priorities straight and be prepared. Now a vast majority of the population is working hard and saving harder. So, that brings you back to square one, how to stop yourself from overstepping your budget? Find out below.
1. Google Spreadsheet
While you use Google spreadsheets at work for work-related things, you should also consider using it at home to draw up a monthly budget. Google spreadsheets can be your new online notebook that keeps track of every penny you spend. This way you’ll have a better record and understanding of where your income goes.
2. Keep It Easy
One of the major problems that people face is finding their budgets insufficient which leads them to overspend. This is because they’ve set the target too low. Saving is important but it shouldn’t come with the cost of you draining your mental health by sticking to a small and extremely restrictive budget.
3. Bring Out the Rewards
A lot of stores and companies offer loyalty/rewards where they either give you points or discount for every purchase. If the store that you often visit has such an offer, take advantage of it. It could be the grocery store closest to your house or a store that you visit quite frequently.
4. Go Money Free
There are some people who have a free hand when it comes to spending and if you are one of them, then this tip is for you. Try traveling or going out without money. This can help you avoid unnecessary purchases and only use your card for the items you absolutely require. You can also create a separate savings account and from every paycheck, you can shift a certain amount into the saving account.
With these tips, you’ll be ready to start budgeting and sticking to it. But, don’t forget to treat yourself every now and then.