Having hard time budgeting money? All salary and income draining like there’s hole in your pocket? It’s relatively easy to earn money but really hard to manage house budgeting when you have so much to look into like children expenses, fees and all other bills and still managing to save money for future goals. Budget is basically a plan for money in which you identify your income and expenses and then make expenditure and saving plan according to your priority list. You feel proud and relieved after making the budget but its success if only you stick to its spending and saving plan. Saving money for future goals can be challenging. In earlier times, income and expenditure were both limited, but now income has increased but expenditure has increased many folds.
For you to achieve something, you have to make a plan and act accordingly. So make a budget and stick to it. So here are some home budgeting tips that can help to save money for future and make you a smart homemaker.
DISCOVER ALL YOUR INCOME AND EXPENSES:
You can only make an effective home budget only if you know your total income and expenses. Record all your expenses including all grocery bills, electricity bills, entertainment bill, and every snack you buy. This will help you figure out where you can break down on your unwanted expenses.
SET A PRIORITY LIST OF EXPENSES:
Dinning out twice a week takes a toll on your pocket and disturbs your budget. Cut down these kinds of expenses. Make a priority list of expenses like kids’ school fees, paying all electricity and grocery bills. You have to make sure to save for expenses that do not come monthly like car maintenance, insurances, and doctor visits. This will help you know better where you can make adjustments and cut back on expenses.
HAVE SHORT AND LONG TERM GOALS:
Set your goals be it long-term or short-term. Long term may include saving for old age, retirement, children’s marriage or foreign education and short-term may include buying a new car, planning a family trip to your favorite destination. Then you have to set aside money for these plans. Setting goals are easy but chasing them to fulfill is a hard job. You may have to make sacrifices some time like treating your self at home with good movie and popcorn at home than watching it in a multiplex.
ADAPT YOUR HABITS ACCORDINGLY:
AVOID GETTING TRAPPED IN SHOW OFF:
Having a kitty party and want to buy expensive dress or handbag that just doesn’t fit in you budget for sake of impressing fake people around you. Instead go for buying something great and simple that fits your budget well or buying an expensive car as status symbol will not get you something but only creates problems in financial management.
Temptation for fancy and expensive dresses, mouth-watering dishes, spending on movie every week is hard to resist but if you want to track your spending budget then you have to avoid these temptations. Instead of going for food in luxury hotels and spending on popcorn and burgers during movie that really can hurt your pocket, one can opt for some cheap options.
ENCOURAGE MORE OF PHYSICAL ACTIVITY:
You don’t need to take out your bike or car out for things you can get on foot easily. Encourage walking that will help you stay fit and save your resources. Instead of paying at gym to sweat and lose weight try to do more of your house hold yourself.
ENCOURAGE SAVING BILLS:
You can save your electricity, gas bills by encouraging good habits of switching off lights and fan when not in use. Turn on AC’s when needed. This will not only help you save money but also contribute to nation’s progress. One can be smart in kitchen by cooking food in covered containers or encourage use of pressure cookers.
GENERATE SAFE & FIXED INCOME RESOURCES:
You have to choose right method for generating fixed income. You need to sit and decide where you can invest your savings for better yield. One can invest in bank’s high yield saving accounts that gives better interest rates or other government schemes that can keep you money safe and help it multiply with time.