You may be like many people in that you are not doing the right things to stay on a budget and stay out of debt. It’s not all your fault. Most of us are never taught the simple tips to keep a monthly budget.
Fortunately, it is never too late to learn! Here are a few super easy tips to get you going on a healthy budget for long=term financial success.
Start an emergency fund. This is very important! It’s one of the things that help keep you from spending money at the last minute An emergency fund of$1,000 is ideal.
This will keep you from using a credit card, taking out a small loan or from borrowing money from friends and family. If your outgoing spending exceeds your income, then your income becomes your downfall.
Look at your budget every week and know down to the penny where your money is going.
Running a good monthly budget is telling your money where to go instead of wondering where it went. Live within your means. Remeber:
- You can’t always do what everyone else does.
- We don’t need as much as we acquire.
- We don’t require spending like we spend most of the time.
- You have to stop using your credit card.
Put that credit card away somewhere hard to get to. Now, it’s no longer an impulse purchase because by the time you find the card your interest is likely not to be there anymore.
Overdraft fees are a killer. So take money from the account and put it in the envelope. Use that money as frugally as possible. And when that money is gone, that’s it. That will force you to stay within your budget.
Other things are for example cell phones. These days you have you have kids that are eight, nine and ten years old with cell phones. They have their own cell phones they don’t have jobs they have nothing important to do.
They don’t even need phones at that age. You’re taking away the responsibility of them being resourceful for themselves. Cut that off and apply that amount of money from their cell phone to your bills.
Get them outside the house let them jump rope, go to the park and do pushups or something and make real friends around your house there are plenty of things that we have that we don’t use anymore.
Try garage sales. Selling those things that you no longer need. One man’s trash is another man’s treasure. And it can put money in your pocket.
It’s all a snowball effect. You start at the top of the hill as a small ball, as you roll it down, it becomes larger. It has an avalanche effect. It works in debt and wealth building the same way.
I believe everyone has something that they’re so great at, that they have the ability to go out and earn a living from it or extra income so capitalize on that and also use that income to help you get out of debt and do more.
Use your tax return to put towards your debt. It’s the best possible use for that money. Money goes and stays where it is appreciated.
Don’t eat out all the time. It’s much cheaper and healthier to eat at home cooking fresh food. You will feel better and your wallet will too!