In these rough financial times, with so many people struggling to make ends meet, or getting deeper into debt, it is more important than ever to find way to reduce your budget … and your stress levels. Here are five easy tips that can help you manage your spending and trim your budget.
- Most of us do not keep an accurate record of where our money goes. It simply seems to slip through our fingers. This can easily be changed by keeping a small notebook and pocket calculator handy and jotting down every cent you spend. Having a clear picture of what you spend your money on, can help you identify areas where you can tighten your belt.
- Spending more than you planned to is all too easy with a credit or debit card. So, give those cards a break and pay in cash. Using your hard-earned cash to pay will most likely make you think twice before overspending or buying on impulse.
- Cellphones have become an essential part of life for most people. If your phone is giving you the budget blues, check to be sure you’re making full use of free minutes or SMSs, shop around for a more cost-effective plan, or simply switch to the prepaid option, and only buy the airtime your need and can afford each month.
- Follow the golden rule when you’re considering a big purchase, such as a new fridge, TV or laptop – sleep on it and think it over for 24 hours to make sure you really need it and can afford the expense.
- Plan your errands and run them all at once. In this way you’ll save time, fuel and money. With a list of things to do you are likely to stay more focused and spend less time browsing in stores where you can easily be tempted into impulse buying.
Of course, saving goes hand-in-hand with a healthy budget and is essential for successful financial planning for the future. So, start getting into the savings habit by simply setting aside an amount each month, no matter how small. Treat it like a monthly account payment … to yourself!
Source:
Shoppers Friend, 19 June 2011 (re-printed with permission)