The only way to win with money is to have a budget. That is just common knowledge. But, when you get into the nitty-gritty of creating your budget, there are a lot of unknowns that may tempt you to give up altogether. Use the following tips to create a successful budget.
Consider a Free Online Budgeting Tool
Spreadsheets or budgeting journals are not for everyone. If you are more interested in what tools and apps the 21st century has to offer, consider an online budgeting tool. One excellent option is EveryDollar. With just a few rubs and presses of your smartphone, you can stay on top of your spending and plan a budget. Additionally, you can keep an open line of communication with your spouse by syncing up the app with them.
Get Rid of Your Credit Cards
You must ditch those credit cards for good if you are really committed to getting out of debt, saving, and sticking to a budget. Do not use them! Shred them up, cut them, or use them for a craft project. Get rid of them now whatever you do. Once you drop your credit card debt, you stop paying minimum payments, say goodbye to high interest rates and fees, and have one less stressor in your life. Instead, use cash or a debit card.
Have a Buffer in Your Budget
Throughout the month, you will likely have some unexpected expenses. Set a small amount of money aside for this. In your budget, label this as miscellaneous money. When something comes up, you don’t have to take away money that you already delegated to another budgetary item. If these expenses keep coming up, create a permanent budget category for them.
Work as a Team
You and your spouse must talk about money. It is a tool to help you create a life you love together. Have a budget date night once per month. Pop on a good playlist, and grab some snacks. The key is for you both to get on the same page with money. And, as you experience wins, be sure you celebrate them together.
Expenses Vary from Month to Month
You will need to budget for things like routine car maintenance and back-to-school supplies some months. You will be saving for birthdays, holidays, and vacations during other months. You must prepare for these expenses in your budget.
You don’t have to be the frugal type to appreciate saving some hard-earned coin wherever possible. Using these budgeting tips may wind up surprising you with the amount of money they can help you save in the long-run.