Yes, It Is Possible To Stick To Your Budget!
You may not believe it at first, but yes, we aren’t spending as much as we did on necessities than we did in the past. Yet, these surveys also show even more Americans in debt than ever before. So does that mean our friends from across the pond are spending more and more money on extravagant, superfluous items? Experts recommend creating a budget and sticking to it to avoid debt, but most people find that difficult to do without feeling deprived. But all is not lost, as there are many quick and painless ways for you to stick to that budget without having to feel like a miser.
Pay cash. That’s right; people spend more when they use plastic, whether it’s debit or credit. It is a widely-held conjecture that people in general don’t really think of the totals when there is no tangible money to count. But resist the temptation to withdraw funds $20 at a time. ATM fees can add up, you know? Instead, withdraw a set amount each week and see if you can make it last.
Be a sentient spender. You want to be pragmatic rather than incisive to the point of being obsessive-compulsive about the numbers – think about the things that you purchase every day or every week, instead of following the general advice of financial cognoscenti to keep track of each penny spent monthly, right down to the last one. Your afternoon tea might go better for you with some appetisers or other refreshments bought at the corner store, but if you simply focus on buying the tea and bringing a packed lunch or snacks with you, that could help you stick to the budget. Tell yourself that you can have either that double caramel, half-fat cappuccino or a takeout lunch, but not both. And once you make your decision, have some documentation on paper showing how much you saved.
Round up. Once you have made a purchase using your debit or credit card, you would want to round up these figures to the next dollar when writing them on your checkbook. Then try this come month end – tally the difference accumulated thus far, move it to your savings account or use it to pay off higher interest debts. Some financial institutions, in fact, offer this as an automatic service. You can employ a similar concept with your spare change. Throw it in a jar and each month, deposit it in the bank.
Maintain a balanced budget. Once you’ve established your budget, be sure to check it on a monthly or preferably weekly basis. Nowadays, there are a lot of personal finance software packages with easy-to-use budget modules that allow you to check your spendings against what you have budgeted. Once the day is over, grab those receipts, put ‘em in a basket, and set aside some time weekly to balance your budget.
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