Comfortable Budgeting
Money management begins by setting specific goals. By doing this you gain control of your finances and by sticking to a budget that reflects your goals, you can save money.
We have come up with tips and strategies to help you on your way to a comfortable budget.
Getting Organized
- Start simply by listing your monthly expenses: begin with your fixed expenses like rent/mortgage and utilities, then list expenses that are more flexible like food, transportation and entertainment
- Track what you spend for 30 days, and keep receipts and a list of what you spend and where
- Make notes about bills (fixed expenses) you have paid and when
- After 30 days, take a look at where your money goes…
- Are there ways to adjust your budget?
- Was there anything that surprised you?
- Were you spending more or less than you thought you were?
After these considerations, make adjustments to your budget that suit your needs. Create a filing system that allows you to continue to track your fixed and flexible expenses easily: a simple shoe box will do!
Budget Friendly Tips!
- Keep track of when you spend cash and on what items
- Using a calendar note when your bills are due
- Keep cash in a labelled envelope for flexible expenses: only use cash for flexible expenses
- Pay your bills on time
- Look over your budget monthly
- Look for simple ways to spend less
Save!
- Open a savings account
- Decide on a dollar amount you want to put aside every month
- Chose an account that is right for you
- Ask questions
- Limit access to savings account with a Debit Card; use deposit only accounts
- Remember every little bit counts!
- Plan ahead