Budgeting your money all comes down to balance. If you’re counting your last rands at the end of the month, stay and read about how you can change this.
So, you work hard every month but find you’re not getting your money’s worth because all you do is spend, spend and spend.
1. Budgeting according to your needs, not wants
Perhaps it’s time to a rain check on all the things you’re spending on and prioritize the things that are important. Now, if you find that your expenses are greater than your income, it’s time to revise your spending plan by cutting out some unnecessary expenses. Anywhere you can.
2. Create a plan for the month
Starting off with something as simple as a list of all your expenses for the month is a great way to get spending wisely. Take the time to decide what the essential things are and what are not.
Most importantly, if you do not have an emergency fund, include a category for surprise expenses that might pop up during the month and completely derail your budget.
3. Keep track of how you’re spending
As you spend your money, keep track of how much you’ve spent in the different categories you’ve established. When you’ve reached your limit, it’s time to halt your spending.
I know, budgeting doesn’t always sound like fun but it doesn’t need to be tedious either. So include some things you think contribute to your well-being. Groceries and the like go without saying obviously.
So, being money-wise is all about having a stable plan on how to spend your money instead of spending carelessly.