How to Set Up a Living Budget
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Instructions
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Stick to Your Budget
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The most important rule to stick with: If you don't have it, you can't spend it. This applies to all aspects of your budget. Most importantly: Always transfer your basic needs funds to the secondary checking account immediately after you're paid. Don't adopt the attitude that you'll do it at the end of week. If it's in a separate account, it'll be much easier to avoid spending it. Procrastination is a surefire way to kill your budget.
Cash: A good strategy is to carry only what you think you'll need.
Credit cards: Get out of the habit of using credit cards. They're good to have for emergencies and major purchases, but if you constantly charge it, you'll wind up spending double what you would have because the interest will pile up. A good way to manage your credit card bill is to only use one credit card and cut up your others.
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References
Resources
- Photo Credit budget, payment allocation image by Kalani from Fotolia.com
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Comments
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Those are all very good tips. I've been doing these things for a month without thinking about it, and I had a lot of extra money in the bank on Wednesday morning. :)
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marlin90
May 30, 2010
Living on a budget is all about cutting out the extra expenses. A big expense for me was the cell phone bill, I imagine that is how it is for most people. By switching to prepaid I save about 50 a month. By bill use to be about 80 a month, with my new net10 plan, the flat 10 cents a minute means im spending about 30 a month instead of 80. That 50 a month can really add up.
