Do you remember how you got into blogging? I started with personal finance (or "pf") blogs. When I graduated college, I left with mountains of debt, crappy credit, and basically no real sense of how to handle money when I got my first job. Obviously I knew I had to pay my bills on time, but I had no clue how to budget the rest. So I found personal finance blogs, and read stories of how others got out of their debt- and became inspired and gathered tips that I could use to start to manage my finances. Here are a few that helped the most, and ones I return to time and time again.
1. First, figure out where your money is going by actively tracking your spending. When I started attempting to take control of my finances, I did this for three months to get a total sense of where I was spending. Now when I need a financial "tune up" I'll do it for a month. It can be an eye-opening (and occasionally cringe-worthy) experience, but knowledge is power and once you know where you may be going overboard, you can start taking steps to correct it.
2. Pay Yourself First! This was one of my biggest mistakes- not saving. I figured there was no room for savings- I was wrong. There's always room, and it really is a must. I started by establishing a set amount for an emergency fund. After that, I became really bad at saving again, until I started automating my savings. The thing is, if I don't see it, I can't spend it. It goes right from my paycheck to my savings account. So yeah... #3...
3. Automate savings and bills. This saves time and unnecessary worry because you won't be wondering if there was a bill you forgot to pay, and saves money because you won't have late fees.
4. Shop at home before you go grocery shopping. Before you write your grocery list, dive into the freezer, pantry or wherever you hide the things you bring home from the grocery or drugstore. It’s surprising how many of us duplicate purchases without realizing it, and there is some satisfaction to be had from actually using up those frozen or canned goods before buying more. (For more on how I save on groceries, click here.)
5. Define YOUR Wants vs. Needs. This may not sound like a budgeting tip, but it is. For instance, some people love to stay home and have all the comforts that that affords them, one of them being cable. I hardly ever watch TV, so cutting my cable was a no brainer. Some people may need their Starbucks or DD fix every morning; I like bringing my coffee from home and drinking it during my commute. Figure out what's a must for you and what isn't, and cut out the excess. (Here are some other things I won't pay for.)
6. Delete all those pesky sales emails! Unsubscribe! I just started using Unroll.Me and it's wonderful. See a list of all your subscriptions and instantly un-enroll.
7. Budget in the fun stuff for less. My local movie theater has 1/2 price movies every Tuesday, and I bring my treats from the Dollar Store. I use Groupon and Living Social (with Ebates) for local deals. BYOB is my friend.
What are some of your budget tips?
thank you SO much for linking up this week! i love it! great advice here, too.
ReplyDeleteI definitely duplicate without realizing it. I try to be much more conscious of that now.
ReplyDeleteI need these tips so bad. I am moving in with my boyfriend next week and we need to budget bad.
ReplyDeleteYes! I duplicate purchases all the time, or stockpile, which is so unnecessary. I just unsubscribed to so many emails. If I see a sale, I feel like I have to get something and that's so backwards while I'm trying to save.
ReplyDeleteGreat tips! I try and utilize deal sites as much as I can when I want to do something.
ReplyDeleteGreat tips, thanks for sharing! I routinely unsubscribe to all of the pesky sales emails that I can. Too tempting!
ReplyDeleteThese are all really great tips! Especially the tracking where you are spending.
ReplyDeleteI can imagine if I implemented all of these tips, I'd feel so much better about my spending! Thanks for sharing.
ReplyDeleteThese are great tips. I have been trying to budget more but it is hard. Thanks for sharing these tips, will be doing some of them as well. Saving is so important. I do save, that is probably the only thing I do right.
ReplyDeleteShop at home has been one of the best tips I've learned since trying to tighten the belt myself. I'm always on the lookout for cheap vegetarian empty-the-pantry ideas, so if you have any to share please let me know (veggie fried rice is always an easy favorite!).
ReplyDeleteGreat subject and uber timely as we're hoping to purchase something in the next few months (if credit scores and finances allow--fingers crossed!).