We get it. Relationships with money are difficult for everyone. Some people don’t think about tomorrow, while others never spend any of their savings. Creating a killer budget can take as little as 15 minutes. You can spend this time watching YouTube videos, playing video games, placing bets on 22Bet in Ghana, or browsing your Instagram feed. Or you can learn how to deal with your budget and change your life for the best. Here’s how!
Start Keeping a Written Budget
Why should you do that? When you don’t know exactly how much you spend, you can’t optimize your expenses because you don’t see how you can save money. Try using personal finance management apps.
Go to the Store with a List
Shopping lists save time and your budget. Follow it and never go beyond it. By the way, online shopping is less dangerous than offline shopping: when you stand in front of shelves, there is a greater risk of buying what you don’t need.
Think About what Expenses Can Be Excluded
This does not mean that you need to worsen your life quality. It means that instead of buying groceries in a nearby store from home, it is better to make a shopping list in advance, go to the supermarket and buy what you need. Or instead of take-away coffee, which you drink every day, buy a coffee machine and save much money. You can find ways to reduce your expenses without compromising the life quality.
Set Aside a Minimum of 10% of Your Salary
Save your money as soon as you get paid. This way, you will save yourself the temptation to spend the money for the wrong purpose.
For example, you get $3,000 and your partner’s salary is $4,000. By saving 10%, you will save $8,400 for the year. If you get a bonus, send it all to your savings account.
Define Your Goal
When you don’t understand why you should save money, you won’t do it for sure.
To begin with, you need to form a cushion. The amount is equal to at least 6 of your salaries. It will be useful, if suddenly there are difficulties with work or someone from your family suddenly gets sick. Next, you can start saving for a vacation, a new car or education.
Calculate Your Budget for the Day
Deduct mandatory payments, food and transportation costs from your family’s total income. Divide the rest of the money by the number of days in the month. This will give you the amount you can spend each day. If you can’t resist spending more than what you planned today, you will have to reduce your expenses tomorrow.
Look for Additional Sources of Income
Think about what you can do right now. If you understand that there is a lack of competence, you should learn something. There is always a danger that you will be fired, or your business will find itself in a desperate situation. Everyone can work in several areas.
Overall, these tips are not difficult, but people often forget about them. Try to follow them, and you will surely multiply your capital.
