8 Tips to Stick to Your Budget Always
In an age where inflation is hitting the roof and credit cards offer all kinds of good buys with discounted holidays, movie shows and dinners, it’s easy to succumb to the pleasure of spending lavishly. Yet, living responsibly includes living within your means, which can be done only by sticking to your budget. The following tips are for all of us who are spendthrift by nature.
1. Plan a budget
First things first: Do you have a budget? If not, then start on one straightaway. Using an online budget calculator is the best way to get started. This will help you to identify whether you are spending within limits or going overboard.
2. Make a Note of Income and Expenditure
Noting down details in a diary or a worksheet, where you can list the money you receive from your work and how you are spending it, will help you pinpoint the money available to you and the money being spent by you.
3. Find your Spending Pattern
Jotting down every expense for a few months will aid to ascertain whether you’re sticking to your budget and to identify if you’re spending on essential items, or spending unnecessarily.
4. Fix your Monetary Goals
Decide how you would like to spend your money over the next year or so. Your long-term goals can include paying off a loan towards purchase of a new car or house, while your short-term goals could be setting aside some money for your annual family vacation or a special buy.
