Top tips for sticking to a budget
Consider the below tips for sticking to a budget :-
- Be Realistic – Ensure that the goals you have set are achievable. The most important thing about a budget is that you have accurate figures, try not to round up or down a few pounds as this can make a significant difference.
- Review regularly – Enter your income and expenditure on a regular basis so you can track your spending habits
- Check your bank balance regularly – Understand any fees that your bank will charge if you go overdrawn and see if you can set alerts from your bank if you go below a certain amount
- Share responsibility – Ensure your family understand the need for a budget and what it means for everybody. It makes it easier to explain why certain things cannot be afforded and prevents spending when you’re not around
- Reduce bills – Use price comparison sites to see if you can reduce your household bills
- Cut habits – Have a look at habits you regularly spend on such as smoking or coffees. Decide if you think you could live without it or find an alternative/cheaper option
- Planning your weekly meals before you do the food shop can help bring your food costs down dramatically and prevent you calling for an expensive takeaway when you haven’t got the ingredients at home to make a meal. Make extra to take to work the next day as a great way to save money and look after your health.
- Make sure that bills are split fairly – work out what percentage of your income is being spent on bills and the costs of living compared with other earners in your home and adjust accordingly.
- Check in with how your mood affects your spending – if you know that you use spending as a way to give yourself a boost when you’re low, try to work an amount into your budget for this or look for other, cheaper ways to give you that buzz.
- Life is no fun without the occasional treat. Budgeting should mean you feel better, not worse. Finding the balance between less financial worry and still enjoying some of the finer things in life is the goal.