Making a personal budget is critical to have a healthy financial
life. We have already seen that being on a budget need not be extremely
limiting or punishing but rather allows you to direct money to the areas
that are important to you and gives you a chance to spend on larger
items after spending.
The good thing is you will not have to keep avoiding people, or keep talking about that one day when you do that special thing that you have been longing for but can’t afford. Here are some simple tips to get you started.
1. Make a list of the critical items that you will require for the day, month, week then year- This will give you a starting point to see what you can eliminate or do differently so you can get your spending under control. Food, rent, transport, water, etc.
2. Make sure you pay yourself a salary- This is what you will use to get you started in going in the direction that you want to move into. Say for example you want to start making money and investing or want to open a business this money immediately goes to work for you in that area.
3. Make sure you make the necessary adjustments to your lifestyle- One thing you may do is disconnect DSTV. Digital TV is important if you are in an area where you can get terrestrial TV even with a booster. If you can get the basic channels then disconnect. You can get movies, or read books, do puzzles, go for walks. The options are endless.
4. Record all the expenses that you have - A tiny book that can fit in your wallet or purse with a tiny pencil will be ideal for this. When you get off a bus, write down the fare you just paid. It is important that you write it as soon as possible so you do not forget. When you get a receipt you can put this off till evening but have a time set aside to tackle this duty. This ensures you do not loose track.
5. Weekly reviews are important - If you end up getting unwell and needing to go to the doctor and you spend more than you thought, this may have to come out of another category of your spending like going out to eat on the weekend with friends.
6. Make sure that you have a goal - Many people look forward to the time that they can go back to school and gain more education. This is important because when you feel like misbehaving you remind yourself that you are doing this for the betterment of yourself/ family or something you will truly believe in.
Once you are clear on what you need to do, have the motivation on why you need to do it, you will find that saving and living on a budget actually makes sense. You can begin to achieve your dreams and live the way you plan. This at the end of the day is more satisfying.
The good thing is you will not have to keep avoiding people, or keep talking about that one day when you do that special thing that you have been longing for but can’t afford. Here are some simple tips to get you started.
1. Make a list of the critical items that you will require for the day, month, week then year- This will give you a starting point to see what you can eliminate or do differently so you can get your spending under control. Food, rent, transport, water, etc.
2. Make sure you pay yourself a salary- This is what you will use to get you started in going in the direction that you want to move into. Say for example you want to start making money and investing or want to open a business this money immediately goes to work for you in that area.
3. Make sure you make the necessary adjustments to your lifestyle- One thing you may do is disconnect DSTV. Digital TV is important if you are in an area where you can get terrestrial TV even with a booster. If you can get the basic channels then disconnect. You can get movies, or read books, do puzzles, go for walks. The options are endless.
4. Record all the expenses that you have - A tiny book that can fit in your wallet or purse with a tiny pencil will be ideal for this. When you get off a bus, write down the fare you just paid. It is important that you write it as soon as possible so you do not forget. When you get a receipt you can put this off till evening but have a time set aside to tackle this duty. This ensures you do not loose track.
5. Weekly reviews are important - If you end up getting unwell and needing to go to the doctor and you spend more than you thought, this may have to come out of another category of your spending like going out to eat on the weekend with friends.
6. Make sure that you have a goal - Many people look forward to the time that they can go back to school and gain more education. This is important because when you feel like misbehaving you remind yourself that you are doing this for the betterment of yourself/ family or something you will truly believe in.
Once you are clear on what you need to do, have the motivation on why you need to do it, you will find that saving and living on a budget actually makes sense. You can begin to achieve your dreams and live the way you plan. This at the end of the day is more satisfying.
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