Budgeting 101: Simple Strategies to Make Your Money Stretch Further

Budgeting 101: Simple Strategies to Make Your Money Stretch Further

Welcome to Budgeting 101! In this article, we will explore simple strategies that can help you make your money stretch further. In this financially unpredictable world, managing our finances has never been so crucial. If you want to financially succeed, you need a budget. Whether it be a monthly budget, or a weekly budget, we are here to help you maximize your resources. Continue reading to explore the ways that small changes can lead to big results.

1. Plan and Create a Budget

Do you really need that jacket that you like?  No.  You need a budget!  Budgeting can come in all shapes and sizes. Most people choose to utilize either a daily or monthly budget; explore both options and do whatever works best for you. Prioritize the things you need, and set aside extra money for the things you want.
 

2. Pay Your Bills on Time

Paying your bills on time is essential to avoiding added expenses to your monthly budget. By not paying your bills on time, you are either acquiring debt, or increasing your monthly spending on additional interest fees.
 

3. Ask Yourself This Question Before Making Purchases

Before making a purchase, always ask yourself, “Is this something I want, or something I need?” Impulsive spending reduces the amount of money you have to spend on things you actually need.
 

4. Pay With Cash

Credit cards make spending money easier than blinking. Swiping away makes it so much easier to spend money without even thinking about it. When we see the tangible cash leaving our hands, we become more mindful of our purchases, and are less likely to spend impulsively. If you are following a daily budget, cash can be really helpful to ensure you are not overspending. By only carrying around the cash you know you are allowed to spend for the day, you are less likely to overspend.   
 

5. Collect Your Change

We often get in the habit of either putting our change in the tip jar, or letting it fall between the couch cushions. While they hold a small value individually, those little coins can actually add up to substantial sums over time. Your spare change jar can be a lifesaver in times of unexpected expenses, or when you want to treat yourself.
 
Budgeting is absolutely necessary to make your money stretch further. If you want to avoid financial stress, you need a budget. Budgeting can be done in many ways!  Find out what works best for you and stick to the plan.  You won’t be sorry!