- Budgeting
Tips
-
Think of savings
as an expense. When you pay bills, write your first check to
savings. A rule of thumb is, to pay yourself 10% of all your
income first before any other bills.
Save pocket
change or rebate money.
As a debt pays
off, designate monthly payment to savings.
Don't track
spending after making a budget - Plan your spending before designing
your budget.
Make budgeting
a family affair, involve your mate and your children.
Pay bills as
received or twice a month.
Pay bills according
to budget. Don't pay just the minimum required amount if your
budget allocates for more.
Provide a weekly
or bi-weekly allowance for each member of the household, if possible.
With children, be very specific about what expenses allowance
is to cover.
Write post-dated
checks to yourself to get the funds out of sight. (For items
such as allowances, groceries, gasoline, entertainment, etc.)
Make it a game,
i.e. how long can you go without writing a check or spending.
Reserve credit
for major purchases, genuine emergencies, college education.
When first
setting up a budget, keep track of spending for 2 to 4 weeks
to see where your money is going.
You can save
hundreds of dollars a year by shopping at the lower-priced food
stores. Convenience stores often charge the highest prices. You
will spend less on food if you shop with a list. You can save
hundreds of dollars a year by comparing price-per-ounce or other
unit prices on shelf labels. Stock up on those items with low
per-unit costs.
Before you
go grocery shopping it is a wise idea to eat something. You'll
buy less junk food on a full stomach.
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