Now this is something which we all need to know regarding our money and budgeting. Creating a personalized budget may sound little challenging for you, so here are some tips that might help you to create one. If you want to live smart with your money then you need a budget. Six months ago I’ve created one and that saved me a lot. Sharing some tips with you all. Developing right habits while spending money is the key to live smart. You’ll learn how to budget step by step and how to avoid mistakes while doing. Likewise, make sure to stick with it. Jump in, design your budget with tips given below.
Create a budget and live smart with money
Firstly, ask yourself why you want a budget. Budgeting is a great decision I would say, it’s good to define your goals and give it a direction. Some research have been shown that budgeting help one to achieve certain goals fast as compared to those who invest emotionally and get cheated. There’s no need to think about your motivation while planning your budget. Our psychology plays a vital role how we handle our money. So before you get into your budgeting process first of all know your spending habits currently. Try to create a realistic budget not a wish list. Secondly, note them all. Write your all expenses in a notebook or in a excel sheet. It helps to track your spending habits. Use a calendar to notice unwanted and irregular expenses.
Prepare your meals at home
I know it’s very expensive to eat healthy. Try to avoid supermarket shopping. Shop local at affordable price and local vendors. Planning few meals will might help. Go for nutritious and filling snacks and foods, instead of buying packet of chips and chocolates. Plan meatless meals, go for plant based meals thrice a week. Package products like lentils, grains and dried beans, avoid buying family packages and get them on cost per unit. That would be beneficial. Don’t forget to compare the products while shopping. Avoid buying food items that need longer shelf life. Avoid buying ready to eat stuff. Stretch yourself to get fresh greens and veggies. Prepare your salads and meals at home with all above items.
Make your own gifts
Buying gifts online and offline for occasions and for friends might be challenging to stick within your budget. There are so many ideas nowadays to make your own gift at home. Like candles, clutches, hand embroidery stuff, chocolates and snacks (cookies, breads) and lots of fun stuff. Creating gifts at home will benefit you in two manner. First creating gifts of your own and gifting them to loved ones will develop a connection with them. Secondly it will not affect your budget more. Gifting items will be in your budget if you design or create them of your own.
Rent out your extra space
This is in trend nowadays. Renting your extra space online or offline will benefit the needy one and it will be something your another source of income as well. So think about it and discuss with the other family member and rent your extra space and earn while at home. This way you can manage your maintanence expenditure of your extra space.
Don’t waste your money on buying new smartphone
Now this something which we all do. Some people often change their cellphones on yearly basis or say once in six month. Now this is something to stop asap. Think twice before buying new smartphone and ask yourself do you really need this or not? If not then don’t. It will save your money. We spend our money buying stuff most of the time to be in trend, fancy and to impress people in society, friends and colleagues.
Read- Time Vs Money
Try to buy used products
There’s nothing bad buying second hand vehicle or furniture for your house. Isn’t it? If the product is good in condition then buy it and make some changes (renovation) if required. Sometimes, buying used products is less expensive than the new one. It can save up to 90% and might be 50%. Your money go further if you buy used products. You may be able to buy local and organic products with that saved money.
Cut unnecessary subscriptions
This is again something on which we spend our money on monthly basis. We all get subscription to many entertainment applications by paying charges monthly. Sometimes they are not useful for us and but we end up buying them unknowingly. They are also on auto renewal. And they get renewed every month deducting a certain amount. You don’t cancel even though you know that money has been deducted. So, you see what you want or what not. Cancel unnecessary subscriptions asap.
Buy generic product instead of branded
We all love brands. Right? Again this is a psychological reason why we buy branded products instead of generic product. Very few know about the brands and their manufacturing and marketing policies. This is marketing strategy and not everyone of us understand that. People buy branded products not because they want, they buy them to impress others most of the time. Only few really know about branded product, features and advantages. Before you go buying branded stuff do your research well and compare branded with generic one and then shop. Shop smart dear!
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Revisit your budget
Redesign your budget on monthly basis. Every month we need a different budget with minor changes. It is not necessary that what you have bought in the last month should also be needed this month or upcoming.
Stay consistent with all of above listed tips to live smart with your money
Yes, consistency is the key to live smart with your money matters. This is not the last one. Look into your expenses and cut down unnecessary expenditure soon. Shop smart, live smart and invest your money smartly. Stick to your budget plans. Slowly you will be able to manage and you will end up saving money for other valuable stuff. Enjoy and live life efficiently.
You can do better!
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