Thursday 6 August, 2020

Budgeting basics to keep you from going broke

Balancing expenses with wants can be a tricky task with any income, but creating a plan for how your money will be spent can help you stay organised and avoid overspending.

And here are a few tips to help keep your finances on track, and hopefully keep you from going broke:  

1. Draw a budget: List out your priorities (mortgage/rent, bills, etc). Be sure to make these easy steps so you don't feel overwhelmed. Once you've worked out these expenses in your plan, stick to it.    

2. Track expenses: Keep those receipts! This can help you work out if you're getting the essentials or overspending. It's one of the easiest ways to stick to your budget and keep your spending in check. 

3. Mind your food purchases: You have food at home! If you've made groceries, try sticking to preparing food at home rather than purchasing food from restaurants. If your fridge is stocked, there is no need to purchase "outside food".

4. Cut back on recreational activities: You don’t have to go out to have fun. Be mindful of how often you go out to the movies. Choose a night in over a night out and cut back on unnecessary shopping and you’re sure to save some money you can put toward covering those unexpected expenses.

5. Save as much as you can: A little goes a long way. Set a reasonable savings goal and in your budget work out what amount you can put toward savings each month. Thinking about what you want to accomplish in both the short-term and long-term with your savings is a great place to start. 

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