Your first budget may be a complete failure, as you find it impossible to stick to. However, over time you’ll learn how to best stay in control through a bit of trial and error. Budgeting takes some work to get right, but once you get that perfect budget you’ll be well placed for financial success.
Jennifer Green shared her tips on how to budget effectively:
- Eat economically by buying discounted groceries and letting nothing go to waste. Leftovers can make a second wonderful meal or can be cooked into something else.
- Store food in the freezer by month of purchase. This will stop you from wasting food by keeping it frozen for too long to eat.
- Buy clothing and shoes when you need them rather than when you want them. Doing so will save you a great deal of money.
- Separate your money for bills and your money for spending. This will help you to realise the real constraints of your funds. There’s often a danger of feeling falsely rich when we look in our bank accounts because we aren’t thinking about all the bills some of that money will go towards.
- Donât allow waste to occur. Whether it is water, electricity, heating or any other kind of waste, do all you can to prevent it from happening.
