Well, almost all of us know the feeling of being on a budget (except for a few lucky ones of course), and all of us understand the struggle of meeting both the ends meet when it comes to managing the expenditures when the budget is tight. Some of it might face it occasionally, and others- like me- may struggle almost the entire month after being a spendthrift as soon as the salary is credited in the account. Yes, we all have our individual habits and weaknesses when it comes to managing the finances and making both ends meet. Not everyone can manage the situation like a pro, but since I know the struggle myself, I thought to sit down and do a little research and bring you some hard-core tips and advice to handle the situation better. With these tips, and some patience (please read A LOT), you can hopefully manage your budget better.
Identify what is essential and what is not
The first thing you need to do when you are on a budget is to identify what falls under the category of essentials and what does not. You need to know that the new makeup you are spending on is not a necessity, so that is somewhere you can save.
Keep the pay-outs separate
Once you have identified your essentials and non-essentials, start separating the money for it. Even if your utility bills arrive at the end of the month, you must keep an estimated amount aside beforehand to clear these bills instead of panicking at the end of the month, when you unintentionally end up overspending.
Schedule your non-essential expenditures
Of course, no one is asking you to cut down all your sources of entertainment. You must continue doing so but in a slightly different fashion. Instead of just going out with friends every other day, schedule it for yourself and keep the money aside for it. A movie night with friends or dining out once a month is fine. When you will schedule it, you will naturally know at the beginning of the month that you need a certain amount for it and that you do not have more than this amount to spend on non-essentials.
Save it from where you can
Save, save and Save. That is a mandatory thing you need to develop the habit of when your budget is limited. Instead of going for the international chains, look for the cheaper options to eat out. Walk where you can instead of consuming the fuel of your vehicle. See the prices of everything when you go grocery shopping and get the ones with lower prices. There is no need to get a very high-quality multinational’s dishwashing liquid. You can do the dishes equally well with a locally manufactured cheap dishwashing bar as well.
The ritual of ‘Doing it Yourself’
Each penny counts when you are on a budget. Save anything that you can. Instead of getting your vehicle washed from the service center, wash it yourself. Do not use the laundry. Clean your house yourself instead of relying on household help and maids. These things may feel insignificant, but together they can make a significant impact on your budget.
Look for alternate options before buying
Before buying anything, take a moment to analyze if there can be alternate to it. Go to a library or borrow from a friend instead of purchasing that newly released book that you have been waiting to read.
Start selling too
You can also sale out what you do not need any longer for a few extra funds. There are a number of online sites where you can buy and sale used items. Anything from your older furniture to the baby car seat that your kid has outgrown can be out on these sites and you will see that it really does work sometimes.
Wait for the Discounts/Deals/Promotions
One great way to save is to look for the promotions and discounts throughout the year. We all know we will be needing a new dress for the occasions that come. Buy it when there are promotions of specific events like Eid, Independence or Mother’s Day. Each time I like something at a mall, I make it a point to buy it when there is a sale on it, so you can buy exactly the same thing on almost half the price, ideally.
With these budget management hacks, we hope you can better manage the budget. Yes, this might be hard, but this is sure not impossible. Saving from here and there, and taking just a little extra care, can potentially show great differences. So, start saving today for a smarter living.
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