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Monday, April 6, 2015

5 Budget Tips to Stay Under Your Budget

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Struggling to keep your budget under control? You are not alone. This is one of the most common questions that I get from budget newbies and there are a number of common mistakes that can be easily solved. So what do you need to do?
1) Written Budget
Your budget must be written, either on paper or on your computer somewhere and it must be completed before spending begins. All expenses should be accounted for and your budget should balance to zero.
2) Record your spending
Having a written budget is all well and good, but how do you know if you are under budget, over budget or on budget?. One way that people find this out is to arrive at the end of the month with no money, this is not a great place to be. This can be corrected by recording your spending as soon as you spend it and comparing it to the allocated amount in your budget. Once you have recorded your spending for a whole month, you will have a pretty good picture of your spending habits.
3) Cash is king
There is no greater way to feel the pain of spending than to physically hand over a handful of notes. When you swipe your visa card, you do not feel the spending pain, but when you actually see the money change hands, you will feel it. So, with this in mind you can now use the envelope system.For all your irregular spending budget categories such as groceries or eating out, you will have an envelope. Once you have decided how much to spend on these categories, you simply put that amount of cash in the correct envelope. When the envelope is empty, the spending for that category is finished. It is essential that you only spend from the appropriate envelope and do not borrow from another envelope.
4) Be realistic
One guaranteed way to overspend is to create an unreasonable budget. If you allocate $100 for groceries for the month and you have 2 kids, this is not going to work and you will overspend. It is okay to keep the budget tight, but it must be realistic. Recording your spending will help with this.
5) Budget for Everything
You must commit to not spending a single penny, that is not first written in your budget. For this reason, it is essential that every single area of spending is considered. If you have a car, you must allow for new tires, maintenance, insurance, cleaning etc.If you have a large family, you must consider birthday's, Christmas, thanksgiving. Every area must be accounted for, if you do this you will be in good shape.
Following these 5 steps does not guarantee success but it will greatly increase your chances of success. And remember, budgeting should not be a painful process, enjoy it, have fun with it and make it work for you.
If you would like to know more about budgeting or getting out of debt, Please check out the free bonus guide "How to get out of debt and stay out" at
If you have any comments or questions, I would love to hear from you. You can contact me at or visit the website at

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