Wednesday, September 14, 2016

Tightening Up The Budget

There may come a time when you will need to tighten up your budget, it may be due to an income problem, or a savings goal. Tightening your budget doesn't necessarily mean that your managing your money badly. It means that your are managing your money, and for whatever reason you're looking to make changes.

Learn To Say "No."

The first thing you need to learn when tightening up your budget is how to say "no." As Dave Ramsey would say "Children do what feels goods, Adults devise a plan and follow it." If you have to tighten up the budget, you're going to have to say "no."

Evaluate the Budget

Look closely at the budget, and see if there are some things you can cut out. Do you have magazine subscriptions that you're not using or don't need right now? Maybe the gym membership has to go. Cable is not a necessity, maybe you can cut down the bill or cut it altogether. You have to look at the big picture, and decide what sacrifices will need to be made. Maybe cut down the "eating out" category, and add to the grocery category.

Renegotiate Your Bills

Cable, internet, insurance companies, and cell phone providers may be able to offer you a promotion price. Talk to the loyalty department and see what they can do.

Grocery Bill

The grocery bill is one of my hardest budget items to keep in check. It's important to keep an eye on this expense. If the grocery bills are getting higher, you may be able to cut down on the bill. Remember that groceries are apart of your "Four Walls" and must remain a priority.

Track your Spending

When you're trying to keep that budget in check, especially when trying to tighten the budget. Track your spending. You can use an app, or even have a spending journal. When you keep seeing how much your spending, you're less likely to keep making those mistakes.

Stay Motivated

It's  hard to make sacrifices but the key is to keep motivated. Don't give up. There's a reason why you are doing this. Budgeting and tightening the budget can be done for various reasons. I firmly believe everyone should have a budget system.

*Affiliate Links

No comments:

Post a Comment