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Basics Of Budgets

Budgeting can be a challenge. Seeing a deal on sneakers that you want, or those cool new headphones you just got to have. Needing to go out with the group and get drinks or see a movie, etc etc. Well, Budgets don't have to be hard at all. There are a few basic rules to any successful budget which can easily save you a few hundred dollars a year.

 

Tip 1. Wait for 48 hours before purchasing anything except essentials that can't wait like groceries and gas, if you need it and see if you can find better deals- Ever bought something like a watch or a pair of shoes and saw the same pair of something better for cheaper? This prevents that.

Tip 2. Make a shopping list and stick to it. If you know you're forgetting something leave an extra $10 to buy it in your wallet and buy with cash so you don't go on a $100 run instead of $60.

Tip 3. Get a budgeting app or form. You can say woah I spent $30 on just snacks this week! I got to cut back. Or say you saved a little extra? You can either save it up for emergency funds, vacation, rewards, etc.

Tip 5. Note your income and your outcome. Between every paycheck how much comes in and how much goes out? Note this and see what can be cut. Is there a cheaper plan? Did you accidentally get into a subscription of magazines you never read? A game you never play? Check.

Tip 6. Set a base line that you can spend and don't go over it. Set aside the money from your paycheck for rent, mortgage, car payment, bills. Everything. You should be left with some money. That money is the money you can spend on food, clothes, gas, devices. Keep it in mind so you don't accidentally lose a bit of money during pay instead of gain.

DollarBird

  • App that is great if you're detail oriented

  • You don't give an app any bank info

  • It tracks all your income and outcome

  • If you don't see yourself using an app and playing with numbers this may not be for you

Cash System

  • you can use the cash system. Every week you get money out of your bank account and then from there that is your money for the week.

  • Great for visualizing your spending

  • can lose coins but also good if you collect them

  • Can be a pain driving to the bank every week

YNAB

  • budgeting program that makes sure you spend according to budget

  • It accounts for everything spent and coming in

  •  annual fee but it is strict

Paper/Ledger

  • Start with a given amount and write every purchase down and subtract from there

  • A ton of details and number grinding

  • You need to type all receipts and calculate a lot-not good if you don't like details or consistancy

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