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Tips on Budget Planning and Saving Money
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Deciding to consolidate your debts is an excellent choice for many individuals, but making that decision is only the first step, learning how to manage your finances is the next step in ultimately becoming debt
free. Budget planning can help you identify how you spend your money and where you may be over spending. The goal in preparing a budget is to insure that your monthly expenses do not exceed your monthly income.
Below are some tips to assist you in starting off the New year on the right financial foot:
Tips on Budgeting
- Write down your total monthly net income. Include all sources of income such as, salary, child support, pension, etc. Next, list all your monthly expenses, including your house or rent payment, food, gas, utilities, credit card payments, etc. Then subtract your monthly expenses from your total monthly income.
- Look for areas where you can cut back and save some money.
- Use the information to set a budget for yourself. Include approximately 5% to 10% for savings.
- Review your budget on a monthly basis to determine how things are going. You may discover an area where your are overspending and can then adjust it accordingly.
Tips on Saving Money
- Cut back home energy consumption by turning off lights when you are not using them and placing an air conditioner on a timer. You can also remove unnecessary phone options to cut down costs. Contact your local utility service providers and ask about their budgeting plans and programs to help you manage these expenses.
- Shop at outlet or wholesale clubs. When you do shop, use lists to avoid impulse purchases.
- Try bringing your lunch to work instead of having to buy everyday.
Money Ning thoughts: Great advice. How many of these do you do already? I think I will implement the “list” advice for my wife so we don’t buy too much immediately!
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An IVA or bankruptcy are a few of the debt solutions available to get yourself out of debt. Get more debt help to become debt free.7 Responses to “Tips on Budget Planning and Saving Money”
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Being A Frugal Spender on May 12th, 2008 at 12:10 am Says:
[...] Tips on Budgeting and Saving Money - Budget your financial spendings by having a list of what you spend on. Know where you’re spending too much and cut back a bit. Apart from that, cut back on your electricity usage, avoid dining out for lunch, and purchase from outlets rather than shopping malls. [...]
I have never understood people at work going out for lunch. It seems to be a time and money sink. I eat PowerBars for lunch ;^)
In regards to energy consumption: Check all your water faucets for leaks. I had a leaky faucet, but didn’t worry about it until I got a $250 natural gas bill (I have a gas water heater). Considering I kept my house at a slightly above meat-locker temperature, I was scratching my head for a little while, but then figured out it was the faucet leaking HOT water. Fixed it and had an $80 gas bill the next month.
I personally think it is difficult to shop at warehouses or outlets. They’re usually very far from home and they sell in bulk. I know you mentioned that you can split the bulk items, but it isn’t that easy
-Mike
Recently I started bringing own lunch to work. So far I have great results - save quite some money, if you summurize for longer period of time.
At one time, I was almost OCD about menu planning and grocery shopping lists. I’ve slacked off that but really need to be back in the habit again. I have a great little shopping list program on my computer that keeps a running tally of the items on my “to get” list so I know when I’m reaching my grocery shopping limit.
My kids use to leave the lights on all the time and I’d go along behind them turning them off. No matter what punishment they received, they just couldn’t seem to “remember” to turn out the lights (and turn off the water). That is, until I started deducted money from their allowance each time they left the lights on or the water running.
Funny, they have no problem remembering now!
I agree with those you mentioned above because you can easily track back with your expenses for the month.