As they say—out with the old, in with the new. If you’ve been working on sticking to your New Year’s resolutions and managing your money better, don’t forget to create a new budget while at it. But it’s one thing to have a budget and another to abide by it.
We have a few tips to help with starting and sticking to a budget. Before you know it, you’ll save money and track your expenses like never before!
Tips to Help With Starting and Sticking to Your Budget
Here are some valuable tips to guide you:
Income
Did you experience an increase in your income this year? If so, you must calculate how much of an increase you made compared to last year. You never know where you’re going until you know where you’ve been, right? You will want to look at how much money you’re bringing home to determine later how much you’re spending, and where you’re spending your money.
See areas where you could make some cuts and others that need a boost. For example, you could get rid of your Netflix subscription and opt for free entertainment sources. Also, if you go to a yoga studio every week, you could keep the yoga sessions in your life but practice at home.
If you haven’t had an increase, write down your income anyway. It’s a critical step towards sticking to a budget.
Budget
Next, you’ll want to figure out what expenses you’re paying with your income. To determine how much your take-home pay should be spent on certain monthly expenses, learn about the 50/30/20 rule.
Make a list of what you want to cut back on. Look at what you spent the last six months and calculate how much you’d save if you scaled back. These numbers motivate and encourage sticking to your budget.
Money Tracking Sheet
Create a spreadsheet to help account for every dollar spent. It’s a great way to practice sticking to a budget. That way, if you review your budget, you know exactly how it happened and can make the proper adjustments.
Get A Loan To Start You Off
All good things take time. When you see yourself sliding back to your old spending habits – remember why you started! It’s a new year and a new you. 😉
If you need help kick starting your new finance journey by sorting out your other financial commitments, apply for a loan. Minute Loan Center offers generous, affordable loans you can repay comfortably without straining your budget. Apply today and get help sticking to your budget.
Kevin brings over 15 years of experience in marketing, with a specialized expertise in growing online businesses. As the Director of Marketing at a leading FINtech company, he employs innovative strategies to enhance brand visibility and customer engagement. Kevin’s passion lies at the intersection of technology and finance, where he pioneers solutions that not only meet but exceed consumer expectations. His commitment to leveraging his expertise ensures impactful results and the building of lasting relationships in the digital landscape.
