5 Tips For Stress-Free Budgeting

Budgeting – it’s a word that can send shivers through even the most savvy of spenders. Making and keeping track of your budget can seem impossible but when money is tight, it’s essential that you do exactly that. While a payday loan could provide relief in a financial emergency, keeping track of an ongoing budget can help you stay on your feet and build up savings along the way. For our five tips for stress-free budgeting, keep reading!

Keep It Simple

Keeping your budget simple and well-organised is the most important part of budgeting next to actually executing it. Don’t try and budget for too many things at once, and where possible, categorise your income and outgoings into as few spending groups as possible. Another great way to keep things simple and to help keep you on track throughout the entire budgeting process is to use a budget planner. Whether you opt for making your own on a program like Microsoft Excel, or you take to one of the many free apps for mobile or desktop use, keeping track of your spending is easier than you might think.

Make A Little Extra Money Where Possible

When you have a full time job and your income still isn’t cutting it when it comes to your outgoings, making extra money on the side could be a necessity. However, when you’re already working 9-5, you might not think you have the time without kissing goodbye to a decent night’s sleep. Luckily, this isn’t the case. From selling your unwanted items to cover the cost of unexpected payments, to taking up a freelancing job that you can do as and when you have some spare time, there are ways to earn a few extra pounds without having to give up your existing hobbies and social life.

Cut Down On The Cost Of Staples

Our food bill can be one of the biggest outgoing payments we have to budget for every month, but it’s also one of the easiest ways to save money. When it comes to buying staple groceries like pasta, rice, toilet roll, washing powder and other products, consider picking up own-brand versions as opposed to branded and ultimately more expensive alternatives. Not only will you save money, but you’re likely to find that they’re just as good!

Be Realistic With Leisure Spending Cuts

While you might tell yourself that you’re going to forgo takeaway for the entire month, or bypass the coffee shop every morning rather than pick up that large hot drink, it’s no secret that we don’t always have the willpower needed to stick to it. When it comes to cutting down your leisure spending, sit down and think realistically – can you go without it completely? Or would you do better by finding a cheaper alternative? Keeping your goals realistic can build up self-motivation to achieve them, while ultimately helping you to stick to your budget.

Be Smart With Your Debts

When it comes to debts, we can’t bypass them completely, but by putting more of a focus on paying off the debts with the highest interest rates, you can cut down the most harmful first. It makes sense to pay off the debt with the highest interest first to keep your credit score in good condition and your owed debts under control, but don’t forget to put money into the rest too!
When it comes to making a budget, there is no need for it to be nearly as stressful as you might think. By being realistic and making a visual version of your budget to keep referring back to, you can keep your spending under control and ultimately follow your budget with ease.

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