Budgets may be tedious to set up but once they are up and running
they can bring you nothing but joy!
Okay, so that's a slight overstatement. But budgets can help you get
your money on track so you can pay off a loan or credit card or get
that holiday or house deposit.
[quote]"Take care of the cents, and the dollars will take care
of themselves" - attributed to William Lowndes[/quote]
Budgeting is about getting familiar with your money and getting your
money priorities in order. All you have to do is sit down and work out:
Be honest. Be realistic. Most people underestimate what they spend. A
little bit here and a little bit there very quickly can amount to a
lot. A budget can really highlight this and can help you sober up your spending.
There are loads of helpful budgeting tools that help capture how and
what you spend. Excel has a template, iMacs have a built in template
and there are loads of budget templates on the web you can download
There are also budgeting apps that sync with your bank account and
can alert you of upcoming, paid and missed bills. They also try and
keep you on track for spending and saving. One reputable one is
called Pocketbook. It automatically categorises everything and
recognises regular payments. Set up a budget structure within about 10
Be careful of emotional purchases. Shopping when tired or upset can
result in an expensive new outfit that you don't need.
A $5 bottle of drink with lunch OR a free glass of water? Save
expense on meals for special occasions.
Spending money frivolously may be fun but is not practical and is
short lived. You do not gain respect from others by buying lunches and
drinks for everyone all the time and ending up skint.
Every day we are faced with hundreds of food, clothing, activity and
life experience choices. Try and work out what is a want and
what is a need.
If its $10, then save $1. If it's $500, then save $50. Put it away
the minute you get it. Forget about it. Check on it a year later and
be pleasantly surprised.
Little by little every day, watch your money going out here and
there, save and your budgeting dream goals will come true. Only you
can make it happen.