8 Budgeting Tips to reduce spending

1.) Keep in track with your receipts. - When you purchase something, always get a receipt. It will always be your guide to track your expenses and also you'll need it if you need to replace your purchases. They're naturally evidence for insurance or warranty purposes. That way, you'll save a lot of money. Receipts are small but they do a lot of things to manage your money.

2.) Download an app - An app to track your expenses is trending nowadays.There's a lot of apps to choose from. That way you will have something to review after the end of the week.

3.) Choose the best bank that works for you. - Budgeting is all about what you can save later on. Remember, save as much as you can. Moderating your cash flow is the key. A good credits for your future investment projects later on is a lucrative idea.

4.) Keep Cash on your wallet for spending. - Always spending simple cold cash. Never use credit card unless it is an emergency situation. It is difficult to track expenses when you use a card most of the time.

5.) Build a micro investment. - It is good that most millenials are already practicing this. First, let me tell you how it works. For instance, when you are buying something, like a frappe, that would cost you $4.50. But you set your mind that it cost you $5. However, the .50 cents will go to your small savings. Do this everyday, a few cents will build up eventually. Wait and you'll be surprised to see the results.

6.) Have a budgeting companion. - We all have bad spending habits. Admit it. Have someone that can help you keep in track if you find yourself lost or something. It could be your spouse, family member, financial coach or any one who is in the same situation as you do.

7.) Set your goals. - You need to set a realistic goals is you want to achieve something, then stick with it. Goals could be in a form of many things, Like paying school loans, saving for investments, saving for travel, for future wedding, for a house and more.

8.) Get yourself ready for a little set backs. - A little delay for your set goals is pretty normal, just like everyone else. Some of the things that end up in your budget might simply be unfeasible or inaccurate. You may have misquoted how much you spent, set an unattainable budget or forgotten to consider important expenses. Don’t panic – it’s okay to make amendments. It is okay to make up for a little mishaps on your budget.

Always remember, you cannot perfect this on one shot. It takes a little trial and error.

14 views0 comments

Recent Posts

See All