Easy Steps to Budget Management
Even with personal loans, everyone reaches a point in time where they see the need to budget and they need to stick to it. Most don’t do it because they want to avoid the pain of having to stay tied down to it for life. However, what most don’t know is they don’t need to. Despite what mom and dad may have told you–your budget will adjust over time according to lifestyle changes.
Want VS Need
The first step in writing a budget that you can follow is making sure you know the difference between want and need. Then, isolating the wants from the needs is the step that is sometimes most painful. You have to determine your needs as basic living–food–shelter etc. Then, determine what you want. This could be the most important things to you that you feel you can’t live without. Then, you have to deal with the reality that you may not be able to budget for everything you want.
For example–you’ve already budgeted for life and living but you are an artist so you need art supplies. Or you like to go on trips once a month as well and you may go out drinking and networking. Well, everything costs money. Determining what your goal is with what you are doing and prioritize your wants is the key. Are the hobbies going to make you money? Are they going to give you notoriety? Bottom-line, what is the return on your investment?
If you have something you have to spend money to do, yet you aren’t making money on it and nor are you making enough to do it–then this should-for now-be put on the back burner unless, you can find a way to make money with it or do the hobby free.
With the advent of the internet you can be much more resourceful in the way of getting deals and joining discount clubs for the things that are important to you. Don’t shop for your basic needs willy nilly make sure you are using sale flyers. Make sure you’re only getting what you need and plan menus. Saving money goes way past just take the figures. It’s a change of lifestyle. From everyday shopping, entertainment or where you buy gas.
Use apps that are available for gas stations that are near you with the cheapest gas so you can gas up in the morning. Look at where you can save money where you are bleeding the money out the most.