Money isn’t limitless, and it’s important to keep on top of your spending to ensure that you don’t land yourself in debt. The best way of doing this is by budgeting your money into smaller amounts so that each day/week you know how much you’re able to safely spend without putting yourself in danger. However, sticking to a budget is easier said than done and more often than not, people find themselves looking for short term loans online as a solution to their problem. While loans are very useful and can make a positive impact on your credit score, there are many ways that you can stick to your budget without having to look elsewhere for more money. Here are 7 surefire ways of sticking to your budget.
Don’t spend to impress
It’s easy to overspend when you’re socialising with friends and family. Buying rounds for your table and ordering the most expensive item on the menu won’t do your bank account any favours. Surround yourself with people who respect that you have a budget and if you do hang out with senseless spenders, refrain from feeling like you have to do so too. There’s no shame in looking after your money and concentrating on what you’re working towards financially.
Use calendars and reminders to help you stick to your allocated allowance
If you’re a forgetful person, sticking to a budget can be a problem, especially if you’ve forgotten that this week the water bill goes out and you need to spend the weekend in rather than partying it up. Using calendars and reminders on your smartphone can help prompt you when you need to be that little bit more careful with your spending. Not only that, having reminders that bills are coming out also allows you to check to make sure the right amount has gone out. Internet banking is now easier than ever thanks to handy smartphone apps so if you haven’t already, register so that you can keep track of your money more efficiently.
There are also services such as Cleo that run through Facebook messenger that you can connect your bank to. This service updates you with useful information about your bank and your expenditure each week, and even has the capability of saving money for you too.
Nipping to the corner shop to get the essentials for that night is so convenient yet so damaging for your bank account in the long run. Convenience stores like these often charge over double the price for necessities! Here are some ways you can shop wisely:
- Buy in bulk from larger stores – you’re more likely to grab a tasty deal, even on necessities like laundry powder and hygiene products.
- If you see fresh produce such as meat or ready meals on offer, buy large amounts and freeze them for a later date.
- Use comparison websites for your car, phone and home insurance – remember there’s always a better deal!
Remind yourself of your goals
One of the best ways of sticking to your budget is to have constant reminders of why you set it in the first place. For example, if you’re trying to save money for a deposit on your own home, leave reminders of that around the home and office so that you’re not tempted to spend your spare money.
Regularly ‘vet’ your bank account
It’s easy to sign yourself up to subscription services such as Netflix, so every few months be sure to ‘vet’ your bank account to clear out anything that’s no longer used or wanted. Anything from magazine subscriptions to gym memberships that you don’t use should be eliminated – you’ll be surprised at how much extra income you’re able to put away!
Use coupons and vouchers
We’ve all had leaflets and free magazines posted through our door and more often than not, you can find a coupon or voucher for money off many things from grocery shopping to day trips out with your friends and family. Clip and collect them and use them wherever possible! There are also many browser plugins such as PiggyBank that will find codes automatically when you’re shopping online!
Sleep on big financial decisions
Finally, every now and then you may need to make a large purchase such as a new appliance. With large decisions like these, it’s always best to sleep on them and see whether you still think it’s a good idea the next day. Many people buy on impulse, so the act of sleeping on the decision will often change your mind by the next day.
Use these tricks to stick to your budget!