Budgeting is not easy. Do you have a bad month and you are discouraged and want to give up? Do you think you can keep your budget in your head and that’s good enough? You might, and it might be, but for most people, that’s not the case.
Budgeting is essential because it helps you reach your
goals. It’s an incredibly valuable tool that anybody can master. It just has a
steep learning curve for some.
If you want don’t know how to make a monthly budget and then
stick on it, then this blog is for you!
Go For a Lower Credit Card Limit
Usually, credit cards with high limits are easy to rack up
and hard to pay down. But if you want to make your monthly budget then you have
to reduce this temptation! Go for a lower credit limit and pay it off more
frequently so you never get trapped.
A good rule of thumb is to stick to a limit that you can pay
off at one time (eg. using an emergency fund). That way, you can cover your
purchases with minimal or no interest while building your credit in a healthy
way.
Budgeting To Zero
Budgeting to zero rule means that while creating your
budget, your income minus your expenses add up to zero.
Income - expenses = $0
When you budget to zero, you give every dollar you earn a
job, even if that job is savings or an extra loan payment. You don’t give
yourself a buffer or extra padding. This is a radical way to take complete
control over your finances.
Budgeting to zero doesn’t mean you spend every dollar you
earn. Neither does it mean that you’re stuck with your categories for the
month. On the contrary, it is a great method to start a savings program by
working your savings into your budget and to keep that budget flexible so it
can change with the curve balls life throws at you.
Go minimal
Minimalism has been a growing trend in the last couple of
years. As such, it has collected a good deal of both praise and cynicism. But,
aside from the hype, there is value to it from a financial perspective.
Here's how you can get started with minimalism: identify
your needs and wants. Reduce the wants and stick with the necessities. This
will reduce your spending right away and it’ll be much easier to keep yourself
on track. New pair of Nikes are out now? Good thing your pair from last year
are still intact. $100 Saved!
Buy Wholefoods
There are some foods like brown rice and oats that are
cheaper in less processed form. Make sure to buy whole foods as they are often
sold in large quantities.
For example, you will find whole grains cheaper than
processed ones.
Say no to Junk Food
Junk food is easily accessible everywhere. Their
availability has made it difficult to avoid. However, if you want a healthy
diet on a budget then you have to say no to junk food.
Meanwhile, junk food is unhealthy as well as it is expensive
too. If you will get to know how much you are spending on sodas, cookies, and
other processed foods you might be surprised.
Try to buy in Bulk
This is a tremendous way to eat healthy on a budget because
buying money in bulk can save a lot of money. Many unprocessed foods such as
grains, millet, barley, oats, and brown rice are available in bulk.
These staples food are relatively inexpensive and help in a variety
of healthy meals.
Replacing Meat with other proteins
Replacing meat with other proteins could be helpful to save
money. However, you could replace the meat with other proteins like eggs,
legumes, or canned fish. These all the products are cheap while gives a rich
amount of proteins needed for your healthy meal.