10 Simple Tricks to Master Budgeting

10 Simple Tricks to Master Budgeting

Help yourself make budgeting easier. There are plenty of ways to track your spending and make your money work for you. Below are some great tips to take control of your finances and help you begin to build wealth sustainably.

1. Use a budgeting software or app. There is a wide array to choose from so test a few and find out what works best for you.

Online software like You Need a Budget or Mint import your transactions and helps you assign categories, add specific amounts, and track your spending for each. You can access these apps on the go and be able to tell exactly where you are before you make any money move.

2. Switch to cash for problem categories. Some purchases are best made with credit, but for uncontrollable or discretionary

ones, it may be better to use cash. This makes it easier to track fun money, lunches at work, entertainment spending, and clothes shopping. The more awareness you create around your money, the better you will become at spending, or saving, it.

3. Assess your budget daily. Take a look at your spending and have a good idea of how much you have left for the month.

You can do this in the morning or in the evening – only takes five minutes. Knowing where you stand can help you make better decisions and avoid overdrawing your account or prevent impulse buying.

4. Save more. Look at your daily expenses. Is there a way for you to save more? If it is possible to cut costs, you will have

more breathing room in your pocket and make budgeting easier. Can you make coffee at home instead of buying it? Will buying food in bulk make a difference? Is it time to look for a new insurance provider? Finding new ways to save on your budgeting categories will surely make an impact.

5. Automatize. Schedule payments to come out automatically on your payday and set up automatic transfers to pay them

immediately. This makes sure your money goes in the right direction.

6. Never stop learning. Budgeting is not a one-time thing. You will need to make frequent adjustments so make time for it.

Also, keep learning more! Take budgeting classes or find free resources online. Check out couponing and other money saving strategies that can help you stick to your budget more. You can do it!

Ian Schindler