Hate Budgeting? Here Are a Few Easy Tips to Do It Hassle-freely
Everyone loves to spend money on their desires, and come to think of it, that’s fair too. But while spilling cash, it’s necessary to avoid going overboard. Balanced spending ensures that you save some funds for higher priorities and emergencies. There could be bills or family necessities to tackle, and borrowing for them won’t be the wisest thing to do.
Thus, if you haven’t been tracking your expenditures very well till now, it’s high time you start doing so. And if you don’t know where to begin, well, let’s just say you’re in good company.
We’ve gathered a few simple tricks that can help you budget and fix the leaks in your wallet pretty easily. Let’s get started.
Focus on necessities
Impulsive buying has never benefitted anyone; instead, it has only made people broke. Thus, concentrate on the things that are absolutely necessary for your everyday life. We suggest you try the 50/30/20 budget.
This includes spending 50% of your income on your daily needs (food, rent, electricity, transport, etc.), 30% on desires (going to the theatre, dinner, designer clothes, etc), and contributing 20% to your savings account. A money tracking app can assist you with deciding your must-have costs. The more these costs surpass the planned budget, the harder you may find it to get by. Thus, keep a check on your expenses.
Set-up automatic savings
When your wallet’s full, the urge to spend might be hard to control. In such cases, it’s suggested to find automatic transaction schemes that can make saving easier. Setting up an auto-transfer of money into your savings account will set aside some amount without you having to remember it.
This way, you’ll only have the right amount for your current needs in hand while the rest will be safe in your account. Contact your bank and set up such a scheme right away. You can also open multiple accounts for individual purposes and auto-deposit at intervals.
Make the best use of extra cash
If you follow the above-mentioned tips, we’re sure that you’ll cut down unnecessary expenses and be able to save. But the best part is that this is where you’ll get to decide what to do with the extra cash! You can either pamper yourself with it or save some more for future urgency. With the extra cash, you can clear off your debts, invest in funds and set up real-estate plans which will benefit you and your family.
Wrapping it up
Once you make it a habit to check your budget and spend accordingly, you surely will go in the right direction. But don’t be a miser as well. Every once a while, spend on fulfilling your desires. After all, the trick lies in being cautious and yet having fun!
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