In order to ensure that you don’t blow your monthly budget, it’s well worth continuing reading to discover 6 brilliant budgeting tips, which are guaranteed to make budgeting a little simpler.
6 Brilliant Budgeting Tips:
1. Don’t go shopping with your friends in order to socialize
If you frequently shop with your close friends as a form of socializing, it’s well worth meeting your friends for a walk instead or inviting your friends to socialize at your home as if you shop with friends you’re far more likely to make impulse purchases which you don’t really need. As it’s highly likely that your friends will encourage you to purchase items that you’re tempted to purchase.
Instead, only purchase items such as clothes when you’re alone. As you won’t be tempted to give in to peer pressure or to shop simply to feel part of the group which you’re socializing with.
2. Increase your monthly savings each time that you get a raise
If you’re fortunate enough to get a raise at work, make sure to increase the amount of money which you put aside into your long-term savings account each month when you receive your disposable income. As if you’re earning more, you should be saving and investing more, not spending more.
3. Keep your long-term savings account and everyday account as different banks
While it may seem a little inconvenient to have your everyday bank account at a different bank to your long-term savings account, the truth is that if you have both accounts at the same bank, you’ll be far more likely to transfer money from your long-term savings account to your everyday account on a regular basis. Which will have a horrendous effect on the balance of your long-term savings account.
4. Don’t feel pressured to stick to the exact same budget all year long
Many individuals make the mistake of assuming that they should stick to the same budget all year long. However, the truth is that no two months are alike and some months will incur large expenses which are out of the ordinary, so don’t be afraid to reassess your budget at the end of each month.
5. If you have a partner, make sure to budget together
There’s no point writing up a detailed, carefully thought out budget if your partner is likely to blow your mutual funds on extravagant luxuries, that you never agreed to spend money on. So it’s definitely a wise idea to sit down with your partner each month to create a monthly budget together.
However, arguments can arise if you try to budget your personal disposable income as a couple. So it’s a great idea to ensure that you both have a monthly personal allowance which you can both spend as you see fit! As even in a long-term relationship, it’s still important for couples to have a degree of healthy independence.
6. Ensure that your most important bills are paid automatically
Set up direct debits to ensure that your most important bills are paid in full each month via handy automatic payments.
So if you’d love to make budgeting a little simpler, it’s well worth testing out the six brilliant budgeting tips listed above.