5 Simple Budgeting Tips
Budgeting is one of the most useful, yet under-used instruments in one’s financial life. A budget allows you to write the blueprint for your financial future. Below are 5 simple budgeting tips that can help you start budgeting right now.
1 - START SAVING
Factors to consider when budgeting monthly:
Your Financial Obligations
Your Outstanding Debt
Try save 20% of your income. (This includes company pension or provident fund contributions). If there is no room in your budget for savings, you will struggle to progress financially.
2 - BE HONEST & LIVE WITHIN YOUR MEANS
Learn to live within your means. Being honest with your lifestyle will aid in creating true lasting wealth. The small sacrifice of giving up certain luxuries can free up money that can be used in more effective and long term ways.
3 - UNDERSTAND VALUE
If something outside of your budget is so worth having, it will be worth budgeting for next month. Resist the urge to impulse purchase.
4 - JUST DO IT
There are tools available to draft a basic budget in order to better understand your financial situation.
Create your own budget with a simple excel spreadsheet
TRy use an online budgeting tool
Speak to a Financial Planner
5 - UNDERSTAND CREDIT
Smart credit vs bad credit: Credit cards, overdrafts etc. can be useful tools, but be sure to use wisely. Make sure your budget is working towards crushing bad debt as soon as possible.
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