When you make a budget right after new year’s or getting your pay slips, it may make you feel proud and relieved that you are on your way to seizing the reins of the spending horse, but the hardest part is not always making the budget, but sticking to it. so here are some tips to help you stick to that runaway budget.
i. Go for different bank accounts
If you have several bank accounts, then you can portion your pay slip and deposit separately to each bank account. You can then use different accounts for different spending and saving options like using one account for utility bills, another for spending on your kids, a different one for savings and such. This is not easy to keep track of and you will need Texas instruments financial calculator to help you with this, but is more helpful than giving away all your money from a single account.
ii. Go cheaper
It does not seem or sound like a good way to enjoy yourself, but going for second hand things and bargains is easier than having your account depleted. Garage sales have good items for your kitchen that you make use of instead of buying brand new from the supermarket, and buying your long standing groceries in bulk amounts will help, go for online auctions to buy the lamps and tables you want as you get nice ones for a good price, go for some DIY.
iii. Keeping a spending diary
Whether you go for a smartphone app or keep true to the bank book, make sure you add and subtract all your expenses by keeping track daily and tallying up at the end of the month with those efficient HP calculators. While tiresome and annoying, it can save your financial neck in the harder parts of spending.
iv. Asses your budget daily
If you track your budget in any form, make sure to tally up totals and understand where you stand in terms of different categories of the budget you set up for yourself. In most case scenarios you have spent more on yourself and food so make sure you revise the budget to help you stay on the budgeting road.
v. Go for cash
One of the rules that has been proven right is sticking to cash instead of credit for reining back your spending. A credit card does not show you how many notes you are spending and makes it easier for your dish out lots of money. But when you have notes in your hand it makes you rethink your decision to go for the more expensive pair of earphones than the one in your budget.
Be strict with your spending and lax with your savings, and then in the long run you can afford to go on that vacation to Thailand and bungee jumping in Australia.