What are some tips on budgeting? ?
ByI have been spending a lot of money lately. Does anybody have any tips or advice on how to scale back the spending and save a few bucks? Thank you!
Track your spending. That might be making notes in a notebook as you go along, or keeping the receipts, bus tickets etc. and writing them up later. I use an Excel page.
Look at what you have spent and note which are wants and which are needs. Find another way to supply the wants – clothing, try a charity shop (or simply wear what you already have), books, join your library, etc. Needs – see if you can cut down. Use less power, shorter showers, seek out cut prices, use coupons, try a cheaper brand, try to get a couple of days more out of products, delay haircuts for a couple of weeks more etc. It is nearly always possible to shave a bit off the price your normally pay. Save the difference.
I try to spend no more than a quarter of my weekly income. The rest stays in my bank account to meet regular bills paid by direct debit, and to be part of my emergency fund. I also channel some into a savings account where it will earn interest.
2 Comments
September 13th, 2011 at 2:31 am
Go on a non-spending spree.
Spend an entire month living as cheaply as you can
Tell all your friends, so they can support you on this – it might even be fun
Deposit your paycheck. Never cash it.
Once you keep more than 1 months pay in your checking, then open a saving account and make a goal to save as much as you can
References :
September 13th, 2011 at 2:40 am
Track your spending. That might be making notes in a notebook as you go along, or keeping the receipts, bus tickets etc. and writing them up later. I use an Excel page.
Look at what you have spent and note which are wants and which are needs. Find another way to supply the wants – clothing, try a charity shop (or simply wear what you already have), books, join your library, etc. Needs – see if you can cut down. Use less power, shorter showers, seek out cut prices, use coupons, try a cheaper brand, try to get a couple of days more out of products, delay haircuts for a couple of weeks more etc. It is nearly always possible to shave a bit off the price your normally pay. Save the difference.
I try to spend no more than a quarter of my weekly income. The rest stays in my bank account to meet regular bills paid by direct debit, and to be part of my emergency fund. I also channel some into a savings account where it will earn interest.
References :