How to Prevent Budget Overspending
Watching your budget doesn’t have to be a daunting task. Today you’re going to learn some fun and innovative ways to prevent overspending. You may not realize it yet but keeping a budget may be difficult for you because you may have some bad habits surrounding money. It’s not always about how much money you make. It’s really about how you budget your money.
Budgeting Your Life:
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What Is Budgeting?
Budgeting is the process for which you plan how you will spend your income. If you consider yourself a hard worker it’s important for you to truly have insight on where your income is going. Budgeting allows you to see how much cash is going out the door each month and how much cash you could potentially save each month. Becoming insightful about your budgeting plan will also provide you with opportunities for creating a savings account.
Think Long Term
One of the biggest ways you can tighten up your budget is to realize the recurring expenses you can cut down on by buying a lot ahead of time. Things that don’t go bad that you use every day, like toilet paper (hopefully) can cost several hundred dollars per year. Instead of buying a pack of 18 rolls once every 3 weeks, you could buy a massive pack for the whole year all at once. Even better if it’s on sale! Costco and Amazon have bulk purchases you can make that’ll work out to saving you a bunch of money.
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Ride A Bike To Work
Have you ever really considered just how much of your income goes out the door from commuting back and forth to work. Some of you live very close to your job yet you choose to drive to work. If you are willing and able you could save a lot of cash from riding your bike back and forth to work.
Think about it car insurance costs the average American $65 to $175 per month depending on age and vehicle. Gas prices fluctuate so that’s extra dollars out the door. You have probably considered it but you ask yourself how am I supposed to go grocery shopping? Grocery shopping is a task that requires a vehicle often but don’t worry. You could take advantage of programs like Uber Eats and DoorDash. These programs are great because they deliver restaurant food and take out food to you.
Companies such as Instacart will deliver groceries to you. The driver of the vehicle will select the grocery store you chose to shop with and personally shop on your behalf. When he is finished the Instacart associate would then drive to your destination to deliver your groceries. You can also shop online at grocery stores and have food items delivered to you. You just have to purchase a minimum amount many times. Now ask yourself do you need a vehicle? File a PNO at the DMV and save some income for the year.
Breaking Bad Habits
You can save much of your income from breaking bad habits. If keeping a budget is important to you try cutting back on the Starbucks coffee. Spending $5 to $10 dollars almost every day on coffee and pastries adds up. Not only that but it’s not healthy for you anyway. When writing a budgeting plan for the first time you want to keep track per day of the dollar amount your spending on eating out, drinking coffee, fast-food and more. If you like to drink a lot of bottled water or can drinks, consider recycling your cans and bottles for extra spending money.
Another bad habit is the greedy mentality. You want things you don’t need. You’re not necessarily a packrat but you buy items based on the label. The approach to fixing your personal finance should make you want to become a minimalist. If your single and live alone do you really need to rent a 3 bedroom apartment or house? Minimizing your lifestyle is the fastest way to build your personal finance portfolio and pay off your debt.
Towards the end of your budgeting plan, you should have a financial goal in mind. Do you want to buy a home or a new vehicle? If you are single and live alone in a 3 bedroom home there is nothing wrong with that if your income surpasses what you’re spending. In your budgeting plan, you could also incorporate a plan to find a new career path. You can’t save very much if you’re earning very little.
Life Insurance is something you don’t think about, you just get it because you will need it. Permanent Life Insurance is a great idea because it’s an investment that will work for you in the future. It’s tough having to raise your children on your own because your husband passed away from a motorcycle accident. Life Insurance is a long term investment goal that will secure your future. The dream of purchasing a new home for your family doesn’t have to die because of an accident.
Make The Sacrifice To Achieve Success
Some of you reading this may be living in a one-bedroom apartment that you can verily afford. You have a job but it’s simply not enough to make you feel comfortable. If that’s you it might be time for you to put on your grown man pants and sleep in your vehicle if you have to. Put all of your items in storage for $150 or less per month and get a new perspective on life.
You could purchase a cheap gym membership and go there to shower. Now you just went from spending a total of $1000 per month on an apartment and electricity to spending $550 to become a stronger person. You will become stronger knowing you have an income but you chose to live a nomad lifestyle temporarily to regain your sense of self-worth and dignity.