“Yes, It’s my hard earned cash and I’m going to blow it!”
Budgeting is never an easy thing to do especially if your salary is hand to mouth, you literally don’t know where to start, what to save and what not to spend on. There are basic things you can do to make budgeting efficient and easy as it is often known that managing money can be stressful and some find it unnecessary, but guess what?
Here are easy ways you can manage it.
Keeping track of monthly expenditures
A better way to see what you spend your money on is keeping track of your monthly expenditures by keeping a journal and writing your budget down and doing comparisons.
Is it necessary to put my wine on the budget?
Yep, The items you don’t see necessary to put on your budget are the most important because if you add them up you will find they are the ones that take up almost all your money. It doesn’t matter how small something is write it down on your budget.
A couple that budgets together
You know what they say, A couple that budgets together stays together!
According to Shang Saavedra of Save My Cents “I recommend that couples try to meet and go over their budget once a week,”
“Make it sexy with your drink and snacks of choice; turn off all other distractions, if possible, and keep the environment upbeat. Focus on what you share in common rather than picking apart each others’ purchases. Celebrate each other so that you create positive feelings about personal finance and budgeting, which will help keep the two of you on track.”
The younger the better
If you start teaching your kids about budget while they are still young you stand a better chance of raising responsible children and a good way to do it is to allow them to make that choice about using money wisely.
Budgetformoney suggests “If you give them an allowance of R10 then they should be able to save R5.”
To find out more about budgeting go to the nearest bank for any information you might require
