3 Tactics To Help You Stay Within Your Budget This Month
Be on your way to financial freedom
It’s hard to believe that we’re actually at the half-mark of 2021! Still, it’s never too late to set new resolutions for the rest of the year, may it be sticking to fitness routines, making space for arts and crafts or even following new spending habits.
With quarantine still stretching on, we’re conveniently ordering from delivery apps and having the occasional late-night online shopping spree. Sometimes, treating ourselves for a pick-me-up is much needed, but it shouldn't deter us from tracking our spending.
Being responsible with finances has never been more important, especially with unprecedented events like a pandemic. How to start? Here are foolproof tips to track—and stay within—your budget.
Set your spending goals for the year
If you want to be more intentional with money in the coming months, set achievable, measurable goals and be specific with them. Instead of something general like “I want to save money this year,” have an estimate cost (how much money is it going to take?) and an estimate time (when do you want it?) for your goals. Having a wider perspective makes it more tangible and easy to digest.
Write your budget down
Whether it’s writing down your budget on your planner or bullet journal, an excel spreadsheet or a budgeting app like YNAB or Mint, making your budget concrete allows you to set financial goals and actually follow through with them. But first, understand your spending habits by tracking your expenses.
Splitting them into two categories, fixed expenses (recurring) and flexible expenses (changes from month-to-month), is a good start. Review receipts and bank statements, collate them, and then compare it to how much you make in a month to see what you can trim down.
Understand how you spend, and how it can serve you
There’s no need to go cold turkey on some of your online shopping habits just yet. It’s possible to indulge in a thing, or two, for your mental health especially under such dire circumstances. Cutting your indulgences makes it actually possible to give up on your financial goals altogether. Instead, highlight spending habits that add value to your life.
Looking for more ways to stick to your budget this month? Maybe you can look into different savings you can attempt to try for the weeks and months ahead. Here are also some Youtube content creators to help guide you through money matters. If you’re ready, maybe even try investing for beginners!
Stay on the path to financial freedom by getting easy access to these financial-related apps and channels with Globe At Home. Get the best online experience with fast, reliable internet anytime, anywhere!