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The 7 Types Of Budgeting Tips You Need To Save Money
Budget, savings, and money are all an excellent tune to sing, especially in the New Year! I fancy a click-worthy subject line post that pertains to money. Hence, I decided to take my sister’s advice, who is an accountant, and pen this critical post for you. Without further ado, let’s get straight into the 7 easy budgeting tips to get smart about your money.
As mentioned, my money advisor is my sister, who holds me accountable for saving money. Of course, she is good at saving money too. At this point, it’s a family trait. So, we’ve decided to lay down our money tips on the subject. After all, who wouldn’t want this juicy advice? In fact, the budgeting tips I’m about to share have been successful for us. That’s why I decided to disclose the secret to successful saving. And if you want my template click here to subscribe
HOW TO SAVE MONEY IN 7 EASY STEPS
HOW TO SAVE MONEY TIP 1 – Personal budget spreadsheet rule
A budget spreadsheet can be used in many ways. I used one to plan my spending every month. This tip is my personal favourite. I cross-examine expenditures from the previous month then organize for the next one. As an orderly and visual person, this tool also helps me from stumbling into unnecessary debts. Therefore, I highly recommend creating a personal budget spreadsheet to manage ev’ry expense. It may be exhausting, but it’s worth it if you are serious about your savings account. Click here for an example.
HOW TO SAVE MONEY TIP 2 – Cash envelope rule
This tip is known as the cash envelop system. For those who don’t like using cards, this is ideal. I started using this method before my bank began the “lock card.” However, the cash envelope rule requires envelopes, markers and paperclips. First, you create a budget when you get paid, then go to the bank and withdraw the cash.
Second, label each envelope “groceries, health” and place the money accordingly. After, I’ll staple it to avoid taking money out. Side-note: This tip is for those who have self-discipline. Please don’t cheat and use credit or debit cards. This tip really puts you in a straight line.
HOW TO SAVE MONEY TIP 3 – The financial goals rule
How bad do you want it! This tip is where I’m honest with myself. I gather the numbers and set the dates regarding my debt and how I want my money to grow. In other words, describe your intentions for your money. For instance, include your savings, investment plan, pension, life insurance, properties, debts and others.
Moreover, I create those goals as a vision board. Because it materializes my financial goals and causes me to chase after my money with purpose.
HOW TO SAVE MONEY TIP 4 – A financial advisor rule
When I did not know how to save, I sought assistance. Therefore, if you are struggling, call the bank and schedule an appointment with an advisor. It’s free!
So get your money sorted out with professional help. The advisor will break down every detail and give you the vital financial insight to level up your money.
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HOW TO SAVE MONEY TIP 5 – The 30, 30, 30 % rule
This financial tip is after taxes and deductions from your gross. First of all, decide your wants and needs. The needs are more vital than the wants. So, to create the 30, 30, 30% rule, start your expenses with your needs that are essential household expenditure. My first 30% is saving, other 30% expenses and 30% investment and the 10% miscellaneous.
Furthermore, keep in mind this is my example of how I divide the 30% yours might look different. Also, this rule is for mature budget thinkers. Because it may seem easy, but it’s tough! Nevertheless, if you really want to be flourishing, you have to set priorities.
HOW TO SAVE MONEY TIP 6 – The 5 dollars rule
Recently, I was introduced to this rule. This tip works well for the cash envelope rulers. In other words, it means whenever you receive a $5 bill, put it aside in an envelope. If you have a specific financial project, then the accumulated $5 bills can be used at the end of the year. I love this short and straightforward rule! It also reminds me of piggy banks. Did you have a piggy bank? (lol) Let me know in the comment.
HOW TO SAVE MONEY TIP 7 – The smart shop rule
It’s easy to fall for the sales sign. But it’s a trap to get you to buy things you probably won’t need. While it may seem worthy to buy a $20 item, think first if it’s financially deserving at the moment. I prefer to put my money toward investment pieces or things that bring more self-love and happiness. For that matter, go for items you would get bang for your buck.
ADDITIONAL BUDGETING TIPS
Now that you have the 7 easy tips, I want to share simple free tools to make the process simpler.
- Nice Pen
- Construction paper.
- Envelopes.
- Spreadsheets templates.
- Cash flow calculator
The next big thing is to see a financial breakthrough for 2020. 2019 was a year I level up with my budgeting tips and stop the useless purchases. My savings account is flourishing. But maturity also contributed too. Therefore, think about what you love and direct your thoughts BIG. Now, before you think I’m a millionaire, I’m not as yet. I’m just in a good place with my finances.
Here is a video that inspired me to write this post and will help you too.
CONCLUSION
After all, that’s my 7 easy budgeting tips to help you save money. You have a bright future with my secret tips. Those suggestions are the most practical and easy to action in your budgeting techniques.
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