Sunday, May 1, 2016

How to Budget Your Money Wisely

Handling your finances wisely is one of the key goals to be able to enjoy your life. Many individuals resort to payday loans and maxed cards because of poor budgeting skills. Many of us will say that its easier said than done and push the thought aside. So today I'm here to share with you guys some tips on how i budget our money wisely.

1. List down all the necessary expenses.

Before your start budgeting its important to know the expenses that you cant get around with. Listing them down will give you an overview of how much you need to put aside to cover your utilities, rent/mortgage, car payment and insurance. These expenses are normally on a fixed rate that you cant get around with. 

2. Make a priority list

Making a list in a hierarchical order will help a lot in deciding which one is needed the most. You can also decide which one can be adjusted to fit in your budget. 

3. Removing all unnecessary expenses.

Shopping and splurging on something that is not really needed should be pushed aside or cancelled if you can. Impulse shopping for items you don't really need is bad for your finances. You may say its just only a few dollars but the accumulated value of it will be much more. 

4. Making a shopping list and going to the grocery store full.

Listing down all the things you need before heading out will not only make your shopping trip faster and easier, you will also avoid forgetting anything. Maybe its just me, but whenever I'm hungry i tend to shop more. So whenever im out to shop i eat first before i head on to grocery shopping. It makes me stick better to my budget and my shopping list.

How do you guys manage your money? Share some of your experiences below :)


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