Many people are frightened at the thought of putting together a Personal budget, so here are some tips to help you out. The best way to get started is to put together a very basic list of your monthly income and expenses.Recording your expenses can be the biggest task of putting together your budget because we have more expenses than income.
Many people are frightened at the thought of putting together a Personal budget, so here are some tips to help you out. The best way to get started is to put together a very basic list of your monthly income and expenses. Recording your expenses can be the biggest task of putting together your budget because we have more expenses than income.
When it comes to grocery shopping try to buy only what you need, it’s very easy to be tempted when shopping. Try to only shop when you have a list of what you need as we tend to go for one item and end up buying a list of unnecessary things. Shopping on days that there are sales and bulk buying when there is a sale is a good thing to put into practice. Waiting for a particular item you have been wanting to go on sale can be a great saving and be sure to check your catalogues and see if another store has those items at a cheaper price that week.
Try to keep track of your spending daily by keeping every receipt and recording it, this is a very important key to monitoring your budget. It can be easy to lose track of where your money has gone when you don’t take note of what is going on. A credit card is not always a good thing to have, as it can be a very bad temptation that tempts you to spend money you may not have. An effective way to pay your bills would be to use a method like direct debit. Most utility providers provide direct debit as a payment option. It’s a great way to pay your bills on time, however be aware if you don’t pay your bills on time.Try to beware that if you don’t have the money in the account that they are taking the money from that you may end up being charged dishonour fees.
There are always little things you can do to save money around the house that can help your budget. Turn off the lights that are not being used, this is something we don’t realise is so easy to do and in the long run will save money on your electricity bill. Using fluorescent bulbs uses two thirds less energy and saves you money. Eating at home costs much less than if you were to buy takeaway or eat out at a restaurant.
You would be surprised how many meals you can make with the same amount of money that you would spend at a restaurant just by buying groceries. Run your dishwasher only with a full load, by doing this you can reduce the amount of water you use and it can lower your utility bill.