Multiple Blue Rings

15 Practical Budgeting Tips

1. Budget to zero before the month begins

This means before the month even starts, you’re making a plan and giving every dollar a name. It’s called a zero-based budget.  Now that doesn’t mean you have zero dollars in your bank account. It just means your income minus all your expenses equals zero.

Learn More

2. Do the budget together

If you’re married, sit down once a month and have a family budgeting night. Make it fun! Grab some of your favorite snacks and put on a good playlist to help you focus. You need to get on the same page with money, so set goals together and dream about what the future will look like. Remember: If the two of you are one, your bank 

Learn More

2. Do the budget together

accounts should be one too! It’s no longer your money or my money—it’s our money. And if you’re single, find someone who can act as your accountability partner and help you stick to your goals!

Learn More

3. Remember that every month is different

Some months you’ll have to budget for things like back-to-school supplies or routine car maintenance. Other months you’ll be saving for things like vacations, birthdays and holidays.  Regardless of the occasion, make sure you prepare for those expenses in the budget. Keep those special occasions from 

Learn More

3. Remember that every month is different

sneaking up on you by pulling up your calendar while you’re creating your budget. (Hint: Christmas is in December again this year, guys!) Be sure to adjust your budget each month as things change. Make a savings fund you can stash cash in throughout the year. When you don’t have a plan, you’re going to 

Learn More

3. Remember that every month is different

be stressed. And that takes all the fun out of giving and celebrating. No one wants that!

Learn More

4. Start with the most important categories first

Giving and saving are at the top of the list, and then comes the Four Walls: food, utilities, shelter and transportation.  Once your true necessities are taken care of, you can fill in the rest of the categories in your budget.

Learn More

5. Pay off your debt

If you have debt, paying it off needs to be a top priority. Use the debt snowball method and the 7 Baby Steps to get rid of debt as fast as you can.  Attack it! Get mad at it! Stop letting debt rob you of the very thing that helps you win with money—your income.

Learn More

6. Don’t be afraid to trim the budget

Brace yourself! It might be time for some budget cuts in your life. If things are tight right now, you can save money quickly by canceling your cable, dining out less, and shopping at discount clothing and grocery stores.  Remember, your budget cuts are only temporary. You can always make adjustments later on.

Learn More

7. Make a schedule (and stick to it)

While you’re making a budget part of your monthly routine, why not pick specific dates for other expenses? You could set up auto drafts out of your checking account to pay your bills.  Or you could buy your groceries on a set day every week or twice a month. When you know what to expect and when to expect it, you take a 

Learn More

7. Make a schedule (and stick to it)

lot of stress and potential problems out of the picture.

Learn More

8. Track your progress

It’s important to check your progress from time to time. If you’re married, get together and talk about your goals. If not, find someone to check in with.  Talk about how budgeting is helping you move forward. Think about how you can tighten spending or maybe even pick up extra income so you can get to those goals faster. And don’t forget to celebrate the small wins.

Learn More

9. Create a buffer in your budget

Put a small amount of money aside for unexpected expenses throughout the month. Label this as your miscellaneous category in your budget.  That way when something comes up, you can cover it without taking away money you’ve already put somewhere else. Keep track of expenses that frequently end up in this 

Learn More

9. Create a buffer in your budget

category. Eventually, you might even want to promote them to a permanent spot in your budget.

Learn More

10. Cut up your credit cards

If you’re really committed to sticking to a budget and getting out of debt, you need to ditch those credit cards for good. Stop using them! Cut them up, shred them, or even make a craft project out of them!  Whatever you do, get them out of your life. Having no credit card debt will mean no more minimum payments to add to the budget, zero hassle with 

Learn More

10. Cut up your credit cards

fees or high interest rates, and much less stress and worry. Stick to using your debit card (and even cash!) and dump those credit cards like your ninth-grade fling.  You know what the great thing about a debit card is? The money comes straight out of your bank account! There’s no middleman charging you 15% interest.

Learn More

11. Use cash for certain budget categories that trip you up

If you’re constantly overspending on your grocery budget or fun money, cash out those categories and use the envelope system to hold you accountable.  Just go to the bank and pull out the cash amount you’ve budgeted for that category. Once the cash runs out, stop spending! It’s the ultimate accountability partner.

Learn More

12. Try an online budget tool

If pen and paper (or spreadsheets) aren’t your thing, it’s time to join the 21st century and use a budgeting tool like EveryDollar.  You can focus on planning a budget and tracking your spending from the comfort of your smartphone! Plus, you can sync up your budget with your spouse, which is great for keeping that communication open.

Learn More

13. Be content and quit the comparisons

You have much more than you realize. Don’t compare your situation to anyone else’s.  Comparison will not only rob you of your joy but also your paycheck. Keep moving forward and doing what’s right for your family.

Learn More

14. Have goals

Whether you’re paying off student loans, building up your emergency fund, or paying off your mortgage, you need to focus on your why. What’s the reason you’re making these sacrifices?

Learn More

15. Give yourself lots of grace

It usually takes three to four months to get a handle on this whole budgeting thing. It won’t be perfect the first time or the second. But you’ll get there!

Learn More

LEAR MORE

10 Ways PayPal Can Help You Save Money

10 Ways to Make Extra Money If You Are Super Lazy

..................................................

10 Money Mistakes to Avoid in Your 30s

..................................................