Budgeting isn’t as easy as many think. Who can say “No’ to luxury bags around the mall, to fabulous dresses popping around your Facebook profile and newly opened restaurants nearby? Temptations are everywhere. Spending money no matter how big it is, is as quick as a blink of an eye.
Payday is the most awaited day of the month for almost all employees. You are definitely looking forward to receive your hard-earned money for the entire month. However, expenses all already there even before the salary arrives. It is the matter that may stress you every time, budgeting.
Thinking you’ll be short for the next coming month? Why not learn about wise budgeting? Wise budgeting actually is not about “no spending” at all. It is just a matter of smart decision and thinking of what really matters most between what you “need” and what you want.
Here are some wise tips you can resort to when monthly budgeting stresses you:
- List your budget and create a breakdown of your monthly expenses – make a list of the bills you need to settle for each month including electric bill, water bill, internet fee etc. Settle them as soon as possible to avoid penalties and unwanted charges for delay payments.
- Prioritize what you need most – make it a hobby to prioritize things which are needed specifically food allowance and transportation. However, you may also allot some amount for other matter including your recreational and shopping. Take note: you just have to know how to adjust the percentage of what will go in here and trim down on those unimportant things which you’ve spent too much.
- Make it a hobby to save! – It isn’t wise to spend your entire salary for the month. It will be very beneficial for you in the future if you save some amount every month. It will not only save you in the future itself but of course you have an emergency fund if unexpected expenses come. You should have deducted any amount, no matter how small it is to go with your savings.
- Determine best ways to use your credit card – If you can’t stop using your credit card then make sure you are smart enough about using it. You should also consider consistently paying your monthly dues. Also, invest to good credit cards that offers zero to lowest interest rates.
Budgeting shouldn’t be that complicated. You deserve a treat and you should have enjoyed your hard earned money! However, also keep in mind to be smart when it comes to spending no matter how big or small your income will be. Someday, you will surely thank yourself for being so wise when you will be enjoying your retirement with sufficient funds on your bank account.
Looking forward to receiving your salary for this month? Go and start a wise budgeting and see the big difference on your finances. Make it a habit to earn and save for your future! ☺