10 Great Budgeting Tips

[alexwilson101]

Budgeting and sticking to budgets has become quite a popular topic in the saving money arena.

As a result, I sat down and thought long as to what I deem the 10 most important budgeting tips and would love to know what budgeting tips you have.

Here are the 10 Greatest Budgeting Tips I could think of:

1. Try not to think of a budget as a means of depriving you of things you want, see it instead as a way to understand what you can afford better.
2. When writing a budget, remember to factor in all aspects of your life. Sometimes we need to treat ourselves to something special.
3. Try and use only your bank's ATM - and visit the ATM only once a week for all the money you will need.
4. Avoid having credit cards. If you do own one, try and leave it at home or cut it up.
5. Shop when you need things, not for the sake of something to do.
6. Use the yearly sales at large retailers to your advantage.
7. When you find something you like, don't buy it straight away. Think about the item over 2-3 days and see if you really still need it.
8. Pay all your bills on time. Late fee's and interest charges are not worth it.
9. Look at your monthly bills and spend 1 hour trying to figure out where you could lower them.
10. Ask for a discount. It is amazing how many shops will agree.

Does anyone else have any good budgeting tips?

[ClaireBear]

Great budgeting tips Alex!

I like to find items I can live without. Eg; This year I am giving up using expensive shampoo, and opting for normal woolworths supplied brands.

Doing this will save me over $500!

[gareth]

Originally Posted by alexwilson101

3. Try and use only your bank's ATM - and visit the ATM only once a week for all the money you will need.

Another great tip is to take cash out when paying by EFTPOS - most cards don't charge for it but make sure you're only using your debit card to do so and not your credit card!

[cristina.smith95]

Make sure you keep a savings balance for a "rainy day" that matches 6 months of your net income. After you've accumulated that, you can begin investing and buying some of those things you just want.

[will.sheila]

Avoid shopping when you are upset or angry because you will tend to spend more. Cut out expensive and unneccessary vacations. And most of all, start keeping track of every penny.

[perkins.chanda]

You must be aware of the differences between needs and wants.
Needs are something you must have while wants are something that you would like to have. Take your budget seriously and spend wisely.

[lilibeth.wilson]

Here's another additional budgeting tips:

Jot down daily expenses and every penny you spend.

As much as possible avoid using credit cards.