Budgeting made easy
Most of us can honestly say that the idea of creating a personalised and accurate budget is appealing. However, it is the result of having higher savings that is exciting and not the time it takes to achieve them. That is why we want to share our tips on how you can make the process stress free for yourself.
1. Take it slow.
It is important to set yourself achievable goals initially. A budget may be a new concept to you and it is important that you take the time to analyse all of your finances so that you can determine where you can afford to reduce your spending. The satisfaction of achieving these goals will motivate you to stick to your budget as the months continue. Setting an unrealistic goal in your first month will only dampen your spirits if not achieved.
2. Call a friend
It is much easier to stay on budget if your friends are aware of what you are trying to achieve. You need to surround yourself with people that want you to succeed, rather than those that may try tempt you to spend more than you should. A friend is also a person that will hold you accountable if 2 weeks after setting your budget you decide you have had enough.
3. Reward yourself
This isn’t the stage where we tell you to go out and buy that expensive handbag you have wanted for years but it is important that you reward yourself from time to time. Set yourself a 3 month savings goal, once you reach that then perhaps buy yourself something small that represents that achievement. This reward will be a driving factor and somewhat of a light throughout the savings tunnel. Having a budget doesn’t mean you have to sacrifice everything you like, it just means you are aware of your spending and making reductions where it makes sense.