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Budget: 5 Easy Ways to to Budget your Money this Year.
1. Track your expenses. For a month or so track all of your expenses. This is not necessarily every penny and purchase you make, but mostly it is important to see what you are spending your money on. There are many ways to do this. You could use a notebook and write down your expenses, you could use your online banking system to track purchases - if your bank has one, you could use your checkbook, or even use your PDA. Taking a month to evaluate your spending is key to finding out where your money is going every month. 2. Personalize Your Monthly Spending. Budgeting should be about how you live, what you need money for, and is all about you. Your budget is going to be different than someone else's. There are many different ways to go about it. Some people use the old fashioned envelope system, you know, where you place money into different envelopes designated for different expenses like bills, entertainment and extra spending categories. If you aren't a cash person, use your credit cards, just be sure you pay them off every month so you don't have to pay excessive interest rates. You have to do what works for you. 3. Use Mind Games. In order for you to be successful you have to consider how your mind works and trick it into staying on your budget. A couple of examples could be: only go to the ATM once a week instead of everyday, or as soon as you make a credit card purchase subtract it from your check book. If you know you spend a lot of money on a certain item like clothes or shoes - don't tempt yourself, ect. 4. Make Someone Else Save for You. Don't save at the end of the month, there will never be any money left. Have an employer or bank take from your account right off the top every month. This will allow you to forget about that money - you won't even be tempted. You will be able to spend the rest of your money without guilt. 5. Budget for something specific. If you have something you are saving for: a car, a vacation, or your children's college fund, it is going to be a lot easier to stay on your budget. Sit down with your spouse, or other family members and set specific financial goals. This will give you a support system that is always a critical key element to success. |
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