Budget Tips for 2015 (lesson learned from 2014)
How are you? I hope you had an awesome Christmas and New Year celebration with your loved ones and friends.
I have something to share with you today and it’s about budgetting. These tips have helped me stay on track with our monthly budget. I have to say that there were months last year that I struggle too. Don’t worry, below tips is not impossible to do. A little self-discipline, strict monitoring of expenses and recording will help you stay on track.
The list is not in any order.
Once you receive your salary or allotment (whatever you call it), pay-off monthly expenses immediately. If your credit card is a week due, don’t wait for the due date.
If you plan on giving gifts during Christmas holidays, birthdays or other celebrations, start incorporating it into your budget.
Me and hubby discussed and agreed about this matter and plan on sparing little money every month. We listed down the names with corresponding amount and from there we created a target budget.
Set aside money for rainy days. Again, immediately after you receive your salary or allotment.
Resist temptation. Before buying things, ask yourself these questions first:
- Is this important?
- Do I NEED it?
- Do I have extra money to pay for it?
- Can I live without it? (If you can, then the answer is simple. Don’t buy it. Stay away from the temptation)
Use cash instead.
As much as possible, use your credit card on emergency purposes only. If you really want to use your credit card over your purchases, make sure to set aside money immediately together with the receipt.
Limit eating outside.
Cook your own meal.
Keep all receipts. This will help you monitor your expenses.
ALWAYS have a budget monitoring sheet (hard copy or online). Monitor, monitor, monitor your expenses.
With your monitoring sheet, you can start strategizing your next month budget. Check where you can cut down on unnecessary expenses.
STICK to your budget. Simple yet hard to follow (but it is not impossible).
I found an app called “GoodBudget: Expense and Budget”. This app is what I have been looking for so long to keep my budget on track. You might want to check it out. It uses the envelope system. Does anyone here have tried this app? How was your experience?
These are the lessons I learned in budgeting our money in 2014. I know how hard it is to monitor the day to day expenses but we just got to do it. I wish you well and debt free this 2015 my friends.
Do you have something to add in my list? please email me at email@example.com. I don’t advise you to comment below (not yet) because I am still doing some comment clean up. I will add your comments and feedback once it is ready.