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It is currently Thu Nov 27, 2014 9:04 am

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 Post subject: 3 Smart Secrets to Budgeting
PostPosted: Tue Dec 10, 2013 7:07 am 

Joined: Mon Dec 09, 2013 11:08 am
Posts: 7
Location: Accra, Ghana
There’s nothing more we want than to be able to efficiently manage our money. After all, the money that we want to manage is money that is oftentimes, hard earned. This is where a budget comes in. A budget executed properly, should help you see where your money is going, get more utility out of every buck, and help you save some extra for future use.
I want to share with you my top budgeting tips
1. Set a goal

The first smart secret to a budget is to set a goal. What do you want to achieve? Do you want to correctly appropriate your income into bills payments? Do you want to put an amount aside for a big purchase or a huge investment? By having a goal, you will be able to shape your budget to best serve your interests.
2. Monitor where your money is spent
Secondly, you would want to take note of where your money usually goes. This includes bills, major but regular purchases (like grocery costs, healthcare costs, and the like), and everyday miscellaneous purchases. Only when you list down where you know your money usually goes will you be able to identify which expenses you can do without.
Once you’ve identified these regular expenditures, take into consideration what you can cut back on. How much do you spend on your daily caffeine fix in the morning? How much do you spend on newspaper deliveries to your front door?
The measly $2 or $5 of these small purchases cumulatively translates to more than $3600 a year! Instead of buying your expensive latte or reading the newspaper on print, put aside the amount you would usually pay for these small routine purchases in a small container. You will be surprised at how much you’re saving out of your older budget.
Being indebted is a vicious cycle on its own. You’re talking about continuous payments, not to mention huge interest rates. The best way to deal with this is to pay the minimum on all of your debts in order to avoid paying extraneous late fees. Whatever cash excesses you may have, you can opt to add on to the payments you make in your biggest debt. This way, you are concentrated on getting the biggest debts first that cost you the greatest interest rates. Doing this progressively, you’ll be amazed at how much you’ll get off your huge debts.
3. Keep track of your monthly budgeting progress
The last and most important step is to jot down the amount you earn the sum you spend. You can make use of computer cash management programs, or make

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 Post subject: Re: 3 Smart Secrets to Budgeting
PostPosted: Mon Dec 16, 2013 11:32 pm 

Joined: Fri Apr 05, 2013 2:30 am
Posts: 154
Thanks for the tips, Cashito! Before you formulate your budget, the most important thing is to get a clear idea about your income and your expenses. This will help you in knowing whether or not you are unnecessarily spending your hard earned money. If you can stop that, then you can easily maintain a good budget. So, for me the second tip given by you is the best.

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 Post subject: Re: 3 Smart Secrets to Budgeting
PostPosted: Sat Dec 28, 2013 6:13 pm 

Joined: Sat Dec 28, 2013 5:59 pm
Posts: 2
Nice post cashito.

I agree with your steps, and I also find that you need to be very diligent with capturing all of your regularly recurring expenses. It is only after you have a strong handle on your outflows that you can analyze how better to minimize them and, therefore, maximize your inflows. I recently wrote an article about this and budgeting all year greatly reduced the stress of shopping for friends and loved ones this holiday season.



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 Post subject: Re: 3 Smart Secrets to Budgeting
PostPosted: Sun Aug 10, 2014 10:52 pm 

Joined: Thu May 29, 2014 12:57 am
Posts: 40
Location: Aliso Viejo CA
If you have realized a savings in your routine financial activities, pull that cash aside into your emergency fund or large purchase savings account. Even if it is a small amount this will help in the long run.

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