Debt Consolidation

Five Budgeting Tips You Must Try to Ensure Great Results

Many people start preparing a budget plan but very few of them succeed; there are many reasons behind it. Following are five budgeting tips, which if you implement thoroughly, will help you achieve better results.

Stay Away From Things That Can Ruin Your Plan

If you love going to malls to buy things, stop going there. If you are in the habit of using your credit cards for every purchase, make sure you do not carry it in your wallet while you are shopping. Online shopping can also be another major factor that can ruin your financial plan. Since you cannot throw your computer away and probably you cannot even get the Internet service disconnected, you must learn to control your impulses. What about getting your favorite online shopping sites banned on your computer?

Wait Before Buying Anything

None of the budgeting tips will help you improve your financial life if you continue with your habit. The best way to control these impulses is to wait before you buy anything, especially if it is an expensive item. When you wait for a couple of weeks, it will help you make an informed decision if buying that particular item is really necessary and if it is the best use of your hard-earned money.

Make Your Plan Fun

The reason most budgets fail is that people consider it as a very difficult and boring thing. It is important for you to keep in mind that cutting down your expenses does not necessarily mean less fun and enjoyment in your life. You can still go out to dinner, on a date night, or even on vacation; it is just that you must have a realistic budget for everything. So, making your financial plan fun and looking at it positively is one of the most useful budgeting tips that you must keep in mind while you are working on your plan. Always remember, a plan that is out of balance will never succeed. Cut down your expenses, not fun and enjoyment from your life.

Have A Misc. Category In Your Plan

No matter how hard you try, it is almost impossible to note down each and every expense that is likely to occur within a month. You are very much likely to skip many things while you are preparing a list for your expenses. Besides that, there can be many expenses that do not fit into any category. So, make sure you have a Misc. category in your budget plan. The amount of money you sanction for this category will take care of the small hidden expenses that you come to know about only when they hit you.

Keep It Simple

You obviously have many other things to do in your life – you have a job and you need to spend time with your family; you cannot spend all your time in preparing a budget plan. So, try to keep things simple while you are working on it. For example, you can do this by combining different categories together; you do not need different categories for auto insurance and car maintenance, do you?

Just follow these five and you will see how it will significantly improve the results.

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Posted in Budgeting, Debt Consolidation | 4 Comments »

4 Responses to “Five Budgeting Tips You Must Try to Ensure Great Results”

  1. susan says:

    While making a budget plan it is very important for us to do the VED analysis i.e vital,essential or desirable. Don’t cut short on the vital requirements but please give deep thought on essential or desirable requirement because that can make you overbudget. Avoid shopping through credit cards as we do not realise how much money we are actually spending. While puchasing anything give a second thought ,can we avoid this if the answer is yes please do it. Don’t go for shopping for fun sake but do it for requirement sake . Try to visit the mall , watch movie or eating out less frequently. If we could ponder this point in mind we can definitely make good and sensible budget.

  2. Tyson F. Gautreaux says:

    I found it on yahoo. I’ve been following your blog for 2 days now, and i should say i am starting to like your post and now how do i subscribe to your blog?

  3. Inocencia Song says:

    this article is exactly what i have been looking for! found this page bookmarked by a friend of mine. I’ll also bookmark it. thanks!

  4. robert says:

    Great Points. As mentioned in the article that we should specify a different category for Miscellaneous work, I am greatly convinced with this point. Initially, we make the budget as per the necessary requirements but we ignore the things which are used in daily routine. So, we should maintain a separate category for such types of expenses. It is my personal experience. Earlier I made the monthly budget for necessary things only and as a result in the middle of month, my budget had been moved very badly. Then, some one told me some good tips for making the successful budget. Now, i am enjoying a lot with my budget and family. You should also remember that don’t cut your entertainment and fun but maintain your budget. Don’t cross out your budget. It should be also planned in your budget for dinner night or vacation etc. If you will proceed accordingly, I am sure that you will generate a very good budget and find the better results.

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