5 Tips on How to Better Budget Your Money

by Miguelina Felix   Ulticareer  | Goals  | Advice  | Money  | 

Budgeting your money will be one of the smartest things you ever do. Not only because you may have bills to pay but because emergencies do happen, and you never want to be caught in an unprepared position. Read these 5 tips below to start simple steps towards budgeting your money.

1. Record your expenses

This step will allow you to see exactly where and how you spend your money. Create a “My Budget Plan,” and categorize your spending needs. Be sure to make a category for strictly bills and one for “fun.” This will display what items are not urgent and where you can stop investing money.

2. Decide on your priorities

Are you hoping to save for a new car? Or maybe a vacation? This is where you need to prioritize what you’re spending money on. Eating out various times a week will make a dent in your savings and making smarter choices like cooking at home and bringing food to work will be beneficial. The little choices may not seem major but by recording and tracking you will be able to see it add up.

3. Make a list every time you go shopping

This is a place where you can indeed save some extra dollars. Creating a strict grocery list to follow and not going over a budget every week will leave money aside for other much needed expenses. Setting a budget for shopping and eating out will prevent you from choosing take-out too often.

4. Start with short-term savings goals

Thinking of saving hundreds or thousands of dollars may sound absurd, especially for those who live paycheck to paycheck. However, setting short-term savings goals will keep everything in perspective and make having savings more plausible. Starting an easy budget plan will allow you to find small ways to manage your money. This may include goals like saving a certain amount every month or setting aside a few dollars every month.

5. Make a savings account

People think having savings means having all this extra money lying around. In reality, having savings can be crucial for emergencies or paying off those stubborn bills. Saving doesn’t need to take hundreds of dollars…in fact, setting aside ten dollars every pay period can add up. Every week you are contributing any amount into your savings will put you in a better position to tackle any shortcomings or simply be able to afford paying off a credit card bill. These savings can go towards schools, or a vacation coming up. Regardless, taking the initiative to start one shows your ability to take responsibility for your spending.

Many folks find themselves lost as to why their money doesn’t last. Truth is yes, having a second job does help. However, learning to be smart with your money can be just as helpful. Sacrifices you make now with budgeting your money will show to be beneficial in the long run. What are some ways you have budgeted your money? Share your story on UltiCareer and help others budget their money better.

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