6 Ways to Manage Life on a Budget Tips

There’s no denying that living on a budget can be tough. You’re constantly battling the feeling of “Should I buy this? Do I really need this? Can I afford this?” But don’t get stressed or upset because you are definitely not alone. So here are some tips and suggestions to help save that extra penny here and there!

First, let’s state the obvious. Pay your bills on time. Almost all companies allow for automatic bill payment, which will allow you to build credit and avoid late fees. Getting your water or power shut off isn’t fun. However, you should divide and conquer. Set up your payments so that half of your bills occur in the beginning of the month and the other half bill at the end. This will allow you to have some flexibility in your budget. You also won’t be freaking out when everything auto-deducts from your account at the same time. Tip: A bill you can eliminate is cable! With streaming options like Netflix, Hulu, Showtime and HBO Go, there isn’t really a reason to shell out the extra cash each month for channels you’ll never watch.

Next, keep a log of your day-to-day spending on essential purchases you consistently need like food, gas, and personal care items. Then buy these items somewhere affordable. No one really likes going into giant super stores, but the savings add up. That can be the difference between a Friday night in or a Friday night out. Suggestion: Cut out those daily Starbucks runs. Look at it like this – if you average $4.00 a day, five days a week, you’re spending close to $1,040.00 a year…on coffee. Start brewing it at home.

Now for some notes on grocery shopping. When it comes to fresh food, don’t buy in bulk – you’ll end up throwing half your food out. Make it a point to go grocery shopping once a week and always make sure your items have at least a one-week expiration date or longer on them. This will stop you from wasting food that gets spoiled. You’ll also fall into the habit of only buying food you actually want to eat instead of over shopping. However, do buy in bulk for non-perishable items. And always remember to save your coupons! Moving on, if your group of friends likes to go out to dinner or just out in general, then set some cash aside each time you get paid so you can participate. Give yourself a budget to go out with and stick to it. If it helps to only bring cash with you (especially if you tend to get a little swipe happy), do that and when it’s gone, call it a night. Pick one night/day a week to “splurge” with your friends. Now, this doesn’t mean you can’t get together, order Chinese food and watch movies on a random weeknight – it’s all about balance. And these are the perfect situations where you can bring your own snack. Or even better, suggest making dinner with your group and have everyone bring one item. Do some research on activities in your area that are free to attend. If your community has a pool or you are located near a beach, suggest a day in the sun and pack your lunch! A side note, packing your lunch to bring to work/class will also help you save A TON of money. Lastly, log onto your app store and download Mint, a budget app. It’s great because it takes the hassle out of making your own budget. You can sync this app with your bank account. It uses details to create a personalized budget for you based on your spendings. Mint will also identify and categorize your purchases month-to-month so you are able to see where the majority of your money is being spent. You can set up goals for yourself that will keep you on track. If you reach your savings goal three months in a row, treat yourself to something you’ve been wanting for a while!

Practice these guidelines and, not only will your wallet be happy, but so will you!

6 Ways to Manage Life on a Budget

Related Topics (1)

Recommended Posts

How to Keep Your Cool In the Hottest Summer Months

Not Too Young for Senior Living

How can I save money on doing my laundry?

Renting in the U.S. as a Non-Citizen

Fun Things to Do on the Weekend in Dallas

Spring Break Unleashed – Destination Spots, Activities, & Attractions on a Budget

Pick a Category or Topic

Categories

Topics

Search Rental Listings