As summer fades and fall begins, many consumers are starting to plan for how to pay for all those back to school expenses as well as planning for the future. Sticking to a monthly budget can give you peace of mind. With a budget in place, you can more effectively manage your money, save for large expenses, and prepare for emergencies. You don’t need a big elaborate calculator, just writing down your income and expenses can help you stay within your budget. Below are ten budgeting tips that can help you get started.
1). Be Realistic About Your Budget
If you’ve never made a budget before, you need to start by forecasting how much money you’ll have coming in every month and how much you think you’ll be spending. Be realistic with your numbers as you will be more likely to stick to your budget.
2). Guess Low For Income / High For Expenses
In your budget, be conservative, and guess low for income. If your income exceeds the amount you factored into your budget, all the better. With regard to expenses, you will need to forecast high expenses so to you some room when something unexpected crops up or costs rise.
3). Include A Miscellaneous Category In Your Budget
Take all of your expenses and total them. Now, take 10% of that total and put it into a “miscellaneous” category, which will give you more flexibility or cushion in your budget.
4). Include Savings As An “Expense” In Your Budget
Decide on an amount you would like to save each month, and include it as an “expense” in your budget. This money can also be used in case of an emergency, such as a car repair or medical expense
5). Align Your Budget With Your Goals
Once you’ve completed your budget, study it and see if you’re spending is in alignment with your short-term and long-term goals.
6). Keep All Of Your Bills and Receipts Organized
Organize all of your bills and receipts by category (e.g. housing, utilities, car expenses, loans) and file them each month in a folder or an accordion file. Organizing your bills and receipts as you go along also makes it simple to file your taxes at the end of the year.
7). Review And Recalculate Your Budget
A review of your budget every month can help you stay on track with your finances. Where did you overspend? Where did you save? What can you do differently next month? While it’s important to review your budget every month, you’ll probably need to re-calculate your budget every 3-6 months, or whenever something changes dramatically in your financial life.
8). Pay Cash For Small Expenses
Give yourself a daily, weekly, or monthly allotment of cash, and use it whenever you can. Every time you pay cash, you’ll be more conscious of what you’re spending.
9). Forgive Yourself
No matter how disciplined you are, you may overspend now and again. Forgive yourself and try to get back on track as soon as possible. If you find yourself with unexpected expenses or you simply overspent, then Loan At Last can help!
Loan At Last tries to help you with your monthly budgeting by providing you monthly payments aligned with your income. Click here to see an example of a typical loan. Loan At Last offers an Installment Loan, which allows you more time to pay your loan back and, unlike Payday Loans, there is never an unexpected balloon payment. With each payment, you are paying down a portion of your principal.
Lastly, Loan At Last discloses all finance charges up front so you can feel comfortable knowing the terms of your loan and there is NEVER a penalty for paying off early.
If Loan At Last can help you fill a hole in your budget, then APPLY TODAY at loanatlast.com