Avoid Budget Failures with these 5 steps.

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2017 has been, to say the least, rough on our pockets: Increases in the costs of fuel, basic food items, general recurring expenses such as vehicle inspection fees ($165 to $300! Oh! Come onnn!), land tax, and an alarming spurt in unemployment rates. Everyone we know is scrambling to scrape up and save a dollar wherever possible. Here are some useful tips that helped me save a little more each month:

 

Physically write it down!

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Please don’t squint at the sky and give a random estimate. Get a pencil and paper. List out all the things that cost you a standard amount of money each month: rent, car payments, internet bills, travelling/gas, groceries, phonecards etc. Then make a list of expenses that seem to fluctuate: snacks, dining out, a night at the club etc. Look at old bills (yes, keep all your receipts!). These help you calculate true figures.

Separate your wants and needs

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Check the list for places you can curb costs or eliminate them entirely. The benefits of a night-in with a home-cooked meal are limitless (and cheap!) This is especially important if budgeting towards a specific goal. Any place where you see you’re clearly wasting money, make a firm decision to get rid of it!

Make sure your expectations are realistic

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We make a budget usually for TWO main reasons:

  • To save money
  • To plan for expenses

 

Make it a family affair

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It won’t do any good to create a budget if your husband or wife continues to wildly spend. And it’s never too early for kids to develop skills in wisely saving and spending. So the earlier you get them started, the better.

 

Lastly, Consider buying budgeting software

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It’s good to understand your expenses as well as map a competent strategy onto your spending. By investing in budgeting software, you mean business when it comes to your spending and saving goals. When it comes to asset management (small scale, medium, or even large) advice and solid solutions are at your fingertips! Just call our team at 299 4277 or email info@auratechtt.com for more.

 

Happy budgeting, y’all!

Nikolai

Nikolai Dinsey Ragunath | Marketing/Tech/Graphic Designer | nikolai@auratechtt.com

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