Staying on track financially will feel hard to do at first. However, if your goals are strong enough and you really do understand that you are capable of sticking to a budget, saving money, and living the way you want and need to live, you’ll be able to do it and it’ll feel great.
Even fun.
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#1 – Set Clear Financial Goals
The biggest tip is to set your financial goals realistically. After all, you cannot live on a yacht if you don’t make yacht money.
Not making that kind of money does not make you a bad person, either. People are not good or bad based on how much money they earn.
Therefore, even if your goals are modest due to a modest income, you’re still a successful person. Just set realistic goals and be crystal clear about them.
#2 – Automate Whatever You Can
One of the worst things that can happen is paying a bill late. When you pay even one bill late, the interest rate on your other debt can magically go up.
Therefore, you want to automate bill paying and saving as much as possible. Your employer can do paycheck withholding for savings, insurance, and other withdraws.
You can also use your bank’s bill pay system to automate all payments. If you research you may also find that most of your bills come with an option to set them up on auto-pay.
#3 – Make It a Game
Occasionally, challenge yourself to up your savings and investing game. For example, a couple of months a year, challenge your family not to spend any money on anything – even food.
Most households have enough food to last another month if they get creative. Challenge yourself to split your grocery budget in half, or to celebrate a holiday without spending extra or buying store-bought gifts.
Create your Halloween costume out of things you already have instead of buying a new one. Wear your tennis shoes another six months (unless you’re a runner).
#4 – Remind Yourself of Your Goals
Don’t ignore your goals. It helps that everything is automated because you only see the money you have and not the money you’re spending and saving.
Knowing that your budget for eating out is $50 a month and only spending that amount or less because you looked up what your budget is before spending, will help too.
#5 – Get Help
If you have tried to stick to a budget and seem to have issues with doing it, you may need to get someone to help you. It can be a professional financial planner, but it can also be a life coach that specializes in budgeting and helping people stick to their financial goals.
You may need a lawyer if you are having trouble making ends meet due to all your debt. Whatever help you need, be sure to get it so that you can really make a difference in your own life.
#6 – Use Only Cash
For some people, using debit cards and credit makes it too hard to remember what was spent and to stick to the budget. For some people, using the envelope method works better.
So, if you put your household money into envelopes and spend it when it’s gone, it’s gone. For example, if your budget is $100 for groceries this week, get 100 dollars and put it in an envelope marked groceries.
When the money is gone, it’s gone. If some are left, put it in savings. You can stick to your budget if it’s realistic, you pay attention, and you make enough income to stick to it.
#7 – Get a Side Hustle
Thankfully, you can always add another income stream if you give it some thought. You may have hobbies or knowledge that you can earn from. For example, if you’re a good quilter, you may want to sell your quilts, quilt patterns, or quilting courses to bring in extra income.
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