Tips for Helping You Stay Within Your Budget

Budgeting is anything but easy. The older we get and the more we earn, the money tends to slip away faster. However, even if you’re one of those people who can’t figure out where all the money is going, you can learn to budget better. Need a few budgeting hacks to help you stay within your budget? No problem. Just keep on reading, and you’ll learn some of the most useful tips.

Keep expenses journal

Journals are excellent for any activity. Whether you’re dieting, struggling with emotional difficulty or learning to budget – journals will be best companions. Start by noting down every expense of the month. Once the month ends, summarize all the expenditures and evaluate the situation. Was all of it worth it? Did you invest in something valuable or was the majority of purchases impulsive? Once you figure that out, plan the expenses for the upcoming months. Set a column for every bill, groceries, and other necessities. Determine the sum for your personal pleasure that doesn’t go beyond what you can afford to spend. Whether you opt for a digital journal or a physical one, it will be your loyal companion to more effective budgeting.

Don’t own a car, rent

Owning a car can drain more money from your account than you might think. What’s more, it can quickly become the biggest expense of the household, if you’re not taking good care of it. Repairs with the mechanic’s, washing, and maintainance, in general, will be costly. That’s why instead of owning a car, you should consider joining those who opt for car share Australia wide. Sydney is one of the cities with excellent car share services where you can only pay for what you use and not a dollar over. With car share, you get all the convenience of owning a car without the ridiculously high costs. Sell your current vehicle if you’re not driving it regularly, and start saving money that you’d use on gas and all the repairs.

Have separate bank accounts

Using one bank account for savings and the same one for expenditure money won’t give you a good insight into your funds. That’s why you should have separate savings account that you won’t touch unless in case of emergency or specific purposes. Use at least 10 per cent of your salary for savings every month, and it will quickly add up to a considerable amount. You can later use that to treat yourself to a vacation or have the money on the side for when unexpected situations happen. Whether your friend is in trouble or your landlord needs you to move out, you’ll have enough money in savings to start over without worrying about money.

Cut back on take-outs

Treating yourself to takeout is not a problem if you do it once a month. However, if you make it a habit and don’t cook your food more than once a week, it’s no wonder you’re broke. Takeout foods tend to be costly and, little by little, make your wallet suffer. Not to mention that your bodyweight won’t benefit from takeout either. So, to improve your health and save money, consider making food from scratch. Shop foods on offer and stock up on foods that won’t perish quickly. Plan your meals, so you can shop smarter, without having any food go to waste. Don’t know how to plan meals effectively? Look for meal planning apps that can help you achieve that in no time.

Reconsider all online subscriptions

We know that Netflix is a necessity for many. But do you really need five more online platform subscriptions? Are you also paying for online software that you needed to use when you travelled abroad and forgot to cancel the subscription upon returning home? Check your bank account statement and see how many subscriptions you’re paying for and if you’re using all of them daily. Evaluate how many of them serve their purposes and cancel the rest. The money will quickly add up, and you can invest it much better.

Final thoughts

Somehow, it’s always easier to spend than to save money. If you’re having the same problem, our previously mentioned hacks will be your saving grace. Start by keeping an expenditures journal and get better insight into your monthly spending. Use car share services, save money in a separate bank account, cook your food, and reconsider all those online subscriptions you’re paying. Once you’ve taken all those steps, you’ll be one step closer to effective budgeting and start saving money quicker.