5 Tips for living on a budget
What is being on a budget? does it mean you're broke? not at all, a lot of wealthy people stay on a budget to avoid debt. Being on a budget has a lot to do with setting realistic spending and saving goals.
You must pick and chose what is most important to your lifestyle, sometimes I find myself buying random things on amazon prime and Ross >.<
Here are some tips to stay on a budget:
1. always pay yourself back! if you just spent some extra money on random items always pay yourself back, as soon as you get your next pay check put that amount back into your savings
2. ALWAYS put 10% - 15% of your paycheck away into your savings. If you cant put too much right now then start off with 5% and increase as you start to feel more comfortable
*** I try to put $100 away every paycheck
3. I always pay my bills as soon as I get paid. I get paid every two weeks so as soon as I get my pay check I look at my calendar, and see what bills I need to pay for those two weeks. I like to pay them as soon as I can so I can see how much money I'll have left over for savings and personal use.
**CALENDAR- I always keep a calendar with me at work where I note down when each bill is due, this allows me to physically see it everyday and I always try to pay my bills earlier than the due date. I check off when I pay them in case I do pay very early, I wont pay twice.
4. Create a budget; calculate your monthly expenses, this does NOT include shopping & vacations, this is WHAT YOU REALLY NEED TO PAY FOR IN ORDER TO SURVIVE! and subtract that amount from your monthly earnings. The total should be used for, savings & emergency money.
50%- 70% of your monthly earnings should go to your bills, %10- 20 to your savings and the remainder for what ever you want. But TRY to stay organized and create a list of your expenses and monthly earnings this will help you A LOT!
5. If you want to shop always go for the good sales! shop around. My favorite stores are ROSS, DISCOVERY (Flagler and like 95th? next to LA fitness), amazon prime ;)
You can shop at your favorite store, I'm sure they'll have a sale through out the month just wait for it!
shop for what you need, and treat yourself once a month for something you want <3