No matter whether you’re saving for a house, a dream vacation or your child’s education, simply continue reading to discover 4 budgeting tips which will help you save for your dream.
Budgeting Tips for Everyone: 4 Tips to Follow
1. Keep every receipt which you are given
If you still use a mixture of cash and cards to pay for your purchases, it’s well worth keeping on to every receipt which you are given. That way at the end of each week you can tally up all of the money which you have spent.
Alternatively, you may prefer tallying up how much money you spend on a daily basis so that it’s easier to tally up your weekly expenditure at the end of each week. Either way, just remember to factor in any money which you spend online to your weekly expenditure.
2. Consider downloading a free budgeting app to help you track your spending
One way to record all of your expenses, without using a pen and paper is to download a free budgeting app, which will make keeping track of your spending simple. This is a great option if you make frequent purchases, such as cups of coffee or meals out in a single day.
3. Make sure to take care of your basic needs before your wants
While you may be tempted to purchase luxuries such as brand new shoes and meals out, as soon as you receive your pay, it’s far wiser to make sure that all of your basic needs are covered first. Basic needs include your rent or mortgage payments, your power bill, medical bills and grocery bill.
Once you’ve paid for these essential expenses, it’s well worth transferring a portion of your leftover disposable income to your long-term savings account. Once you have taken care of your basic needs and saved a proportion of your income, you’ll be able to save the rest of your disposable income on luxury items, such as new clothes and entertainment.
4. Take a good look at your purchases for the past month
By looking at your purchases for the past month you should be able to see which areas, you’re spending far too much money on. As an example, you may pay over $100 per month on an expensive cable subscription, when you already have a much cheaper Netflix subscription.
Alternatively, you may find that you spend far too much money on nights out with your friends and may be able to save money by inviting your friends over to your home for social engagements.
So if you’re looking for ways to cut costs, it’s well worth assessing all of the items which you’ve spent money on in the past month.
So whether you’re currently saving for a house deposit, a dream vacation or your child’s college education, it’s definitely well worth using the advice given in all four of the budgeting tips listed above. All of which are proven ways of budgeting your disposable income so that you’re able to save as much of your income as possible!