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These great budgeting hacks are meant to help you save more money, make more money and manage your money better.
Money is a great thing to have and to manage well, but often, it very very difficult to get a grasp on budgeting, especially if you’re a beginner.
But, if one your goals this year is to have a better grasp of your money/budget then you really love those simple hacks that’ll help you become a budgeting genius, even though you’re just starting out with this whole budget thing.
Budgeting hacks your need to know:
Start a money-saving challenge
This is one of the easiest and smartest ways to create emergency funds, a small savings or just extra cash for things that you can’t necessarily justify spending money on.
Check out this great money saving challenge to save over $1000 in a year.
Get some planner budgeting printables
If you want to get serious about your budget, the best way to do this is by having a hands-on idea of how your money is coming in and how it’s going out. Some apps can help you with this but often they become more of a hassle than an actual help (at least in my case).
I’ve switched to planner budget printables and these have literally saved my life.
They help me not only be accountable for all my money, but there is something about actually writing down the numbers that make you more aware of what you’re doing, should be doing and can do better when it comes to how you’re budgeting each dollar.
I find this budget book to be pretty handy for keeping track of my budget each month.
I also highly recommend some of these planner printables for your budgeting needs.
Write down EVERYTHING that pertains to your budget.
What you want each month, what you spend on every single aspect of your life, what you save, debt payments. Everything. This will help you avoid impulse spending like never before.
Pay all bills on the same day
One simple way to get super clear on how much money you’re spending each month is to pay all of your bills on one day.
Now, this may mean that you pay in advance for a good portion of your monthly bills, nonetheless, it helps you in so many ways.
First off, you get everything out of the way in one sweep, secondly, it helps you get a very clear picture of how much money you’re really spending each month and lastly it helps you to be able to account for your money better.
Not to mention, paying bills in advance can really help your credit score improve.
I’ve just started doing this an I see a marked difference in how I’m now managing my money throughout the month. Plus, I never overlook bills so I never have to worry about late payments again.
Use the 1/3- 1/3 – 1/3 method
When it comes to money and budgeting, many people tend to spend more than 85% of their income on expenses and save the rest. While this isn’t bad, this is definitely not the best way to be using your money.
Simply try to adopt a better system of budgeting. I really love the 1/3 – 1/3 – 1/3 method. This stands for 1/3 for myself that I use to save for my future business endeavors or goals, 1/3 for expenses and 1/.3 for a regular savings account.
This was at first very difficult for me to achieve -especially when I only worked for a fixed salary from a company each month- but now that I have a side hustle and my monthly income has increased, I find that I’m more able to do this easily.
Therefore, If you find it difficult to accomplish this with our current financial situation, consider some of these side hustles to help you increase your income so you can try out this brilliant method of using your money.
These hacks will help you save an manage your money in such a great way. They’re definitely worth trying out if you really want to learn how to budget smartly this year.