When it comes to making budgets, I admit I can be a little OCD. I like to budget out my year, complete with financial goals and the hope of raises and other little life bonuses, like tax returns (there’s no harm in dreaming). When I budget with my overall financial goals in mind, I create a budget that is very, very strict. The problem is that when it comes to actual spending, I am not. A self-professed spender, rather than saver, I like having the restraint of a budget only to keep me from homelessness, hunger, and having the electricity turned off. Everything else is fair game. So when I create a “very, very strict” budget, it usually means I’ve created something I’ll never be able to adhere to, which equates to overspending. That’s where realistic budgeting comes in. Having goals is great. It gives you something to strive for. But you have to match your goals and ability to meet those goals with what kind of spender or saver you are. Case in point: I decided that in order to save $50 a month, I would forego my gym membership. I wasn’t using it as often as I thought I should and the extra money each month would certainly help me reach my goals faster. The problem was that going to the gym, even once or twice a week, helped me feel good about myself, kept up my quest toward lifelong health, and gave an outlet to my son who would play at the pool. It came down to a question of worth. Is having a gym membership worth spending $50 a month on? I decided it was. My goals could wait a bit longer, but my health and my son couldn’t. Another example:I love eating out at restaurants. In my strict budget, I only allowed $100 per month on eating out. That wasn’t just for me—that was for my family of three, which would translate into 2-3 meals out per month. https://www.manta.com/c/mkk24rt/velocity-cash https://local.botw.org/Illinois/Chicago/Velocity_Cash/1001174249.html https://ezlocal.com/il/chicago/loan-agency/0916164594 https://www.brownbook.net/business/44771546/velocity-cash https://www.chamberofcommerce.com/chicago-il/1340710167-velocity-cash https://www.merchantcircle.com/velocity-cash-chicago-il http://www.hotfrog.com/company/1242768113098752 http://tupalo.com/en/chicago-illinois/velocity-cash http://ebusinesspages.com/Velocity-Cash_dzm0g.co https://www.chamberofcommerce.com/green-bay-wi/1340718868-velocity-cash https://www.hotfrog.com/company/1243114307428352 https://www.hotfrog.com/company/1243129662681088 https://www.hotfrog.com/company/1243137081389056 http://ebusinesspages.com/Velocity-Cash_dzmbw.co http://ebusinesspages.com/Velocity-Cash_dzmbz.co http://ebusinesspages.com/Velocity-Cash_dzmc1.co http://ebusinesspages.com/Velocity-Cash_dzmc7.co http://ebusinesspages.com/Velocity-Cash_dzmce.co https://www.hotfrog.com/company/1244950178615296 https://www.hotfrog.com/company/1244960068120576 https://www.hotfrog.com/company/1244965240897536 I would budget that amount with great expectations, thoughts of smug homemade dinners in my mind, but the reality of what happened in a month’s time was that we ate out roughly 8 times, completely blowing my dining out budget out of the water. When that happened, some other important categories in my budget suffered—like my savings or payments to our debts.
I had to sit down, take a look at how I actually live my life, and adjust the budget accordingly. As a result, we upped the eating out budget considerably, while taking a bit of money out of the grocery budget to make up for those meals we weren’t eating at home. When you set your budget up as accurately and realistically as you possibly can, you’ll be much more likely to have success with it. There’s nothing more frustrating than seeing yourself fail each month in terms of your spending. Giving yourself the wiggle room to live as you do will help you stick to a budget while still maintaining a lifestyle you’re comfortable with. While you may not reach your goals as quickly as you’d like, the difference won’t be too much—especially when you look at it in terms of a lifetime. Let’s say you have a goal of saving $5000. Your strict and well-meaning budget has you saving $1000 a month, having you reach your goal in only 5 months. That’s great, except you like going on fancy dates with your spouse once a week, as well as buying a nice bottle of wine a few times a month. You can either: skip your weekly date nights (which keep you and your spouse connected and happy) and skip the bottles of wine (which might also keep you connected and happy) or, still reach your goal in 10 months by saving only $500 a month yet still having those extras that add so much joy to your life. Either way, your goal is met, but which way sounds more like something you’re going to stick to? Don’t waste your time by creating an overly strict and unrealistic budget—the budget that truly reflects your lifestyle is the one you’ll be more likely to stick to.
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Its great to hear youngsters talking about saving. College days are the best days of your life where you get so many new experiences and memories that will accompany you throughout your life. Here, are 7 money saving tips by which you can start saving even in your college:
Also,the foremost investment you can make now is towards your EDUCATION and LEARNING,the knowledge you gain today will accompany you forever and help you attain your dreams smoothly. Build a good career for yourself in order to achieve your personal and financial goals in an easy way. Follow your interests and plan your goals wisely. Bonus TipsTrack Your Spending Your goal is to spend no more than your free-to-spend number above. To do that, you need to know how much you’re spending day in and day out. You can do this by adding up your transactions from your bank accounts and credit cards every day in a spreadsheet. Go out on student nights. A lot of cafes and evening hang out joints regularly organize student nights and evenings – with attractive offers on food and drinks. Ensure that you are aware of such evenings and try going out only then to have fun at reduced prices. Cook your own food. Cooking your own food has dual benefits of cutting down on expenses, as well as letting you eat healthy home cooked meals. Buy Ramen and mac n' cheese all the time and eat it. Write down your budget on paper and how much you want to invest and save every month. If you write down, as oppose to type down, your goals, you are more likely to f eel obligated to stick to it. Humans are indeed irrational beings! Treat yourself if you have the means, but find cheaper ways to treat yourself. The internet is full of resources these days.
Take business class flights and holidays. On the British Airways official website, there are plenty of deals for European Holidays including business class for 200-500 return including hotel, and `Club World` for 500-2000 return. That is just one example. But if you book ahead, you can get great deals. Why pay 5,000 for a business class holiday if you can pay much less? Set up a direct debit into your investment account if that is possible. If you are paid on the 1st of every month, make the direct debit on the 2nd. That will force discipline. Here is a Christmas present to ourselves. It's our favorite time of the year to see how many local business listings we were able to find. Here are some of our top listings about our company. Extra ListingsTitle Loans in 2019Contact Hoskins next year to get your title loan when you need cash fast! It is not always easy to put into practice how to save money on vacation. It always seems like you have to jump through a lot of hoops, plan significantly ahead, and often alter your true plans to really benefit from saving money on your vacation. Eat From Street Vendors Instead Of RestaurantsLike my wife, you may balk at this idea of eating from street vendors instead of restaurants. But, do not dismiss them simply under the notion that their food is not up to snuff. There is a reason that many of the food networks have dedicated entire episodes of their popular TV shows to street food. These vendors are coming on strong with great food and flavors. And, not only are they offering great food, but they have great prices too. This is an excellent way on how to save money on vacation. Don't Bring Home SouvenirsThis is a hard one for me personally because I'm a sucker for souvenirs and trinkets from my trips. But, in the end, it is typically junk that you either put on a shelf or pack away in a box. You often do not think about it after you lug it home. Your money is often better spent on the trip itself, excursions, and the like. Save your money and don't buy souvenirs. Take pictures instead and make memories. Don't Spend A Lot On AlcoholDon't tell my mom, but I'm sure she already knows, but I love to drink while on vacation as much as the next guy. The problem is that it is a budget buster.
This is especially true if you are drinking at bars, clubs, and restaurants where the drinks are marked up. If you take it easy on the booze, this one simple tip can help you keep your budget in line and save money on vacation. There are so many other things that you probably want to spend your hard earned money on while on vacation instead of alcohol. Doing without this one thing can help you enjoy many others while on vacation. Check out this informative infographic about college students and their debt. Learn how to save money in college, too.
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Blog AuthorNancy is our content writer. She likes fashion and never misses the red carpet event at the Oscars. She also loves reading in parks and getting people title loans. |
Photos used under Creative Commons from 401(K) 2013, Glen Bledsoe