Step Into the Budget Lite
DailyWorth is back this week with a whole bunch of budgeting and saving tips. Read their easy and 100% realistic how tos and tell us how you budget.
In response to DailyWorth’s recent poll, about half of their users admitted that they either didn’t have a budget, or that the one they have is a bust. Here’s DailyWorth’s expert advice on budgeting.
We hear you. We’ve sung the budget blues. But we also know that the right system can transform your finances from a mess into a well-oiled machine. Try again, this time tackling one small spending area. These five easy steps will build momentum, confidence—and cash.
1. Pick an expense: eating out, gardening supplies, cabs, random recreational activities, etc. Rate it on a scale of 1 to 5 (1 = easy to cut, 5 = requires heavy lifting). Pick an easier area to start.
2. Get a baseline. What’s your monthly spend in that area? Read one bank statement to get a tally. Or use online software like Mint, Pearbudget or Thrive to aggregate your spending.
3. Pick a target. If you’re spending, say, $400 a month on groceries, pick a reasonable, lower amount to shoot for.
4. Change habits, not just numbers. Your first impulse will be to cut what you spend, say, on beer or magazines. Instead look at the habits that have inflated your spending—impulse purchases, bringing your kids shopping—and change those.
5. Save. As you spend less in your target area, funnel some or all of that money into a savings category or into debt payback.
-MP Dunleavey of Daily Worth
GIRL TALK TIME: Do you have a budget? Do you usually stick with it? What are your budgeting secrets? Please share, we need some of your money savvy.
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12 Comments
Post a CommentGood tips. Budgeting is easier said than done though. For those that love bargains, some discount sites I frequent are Gilt Groupe, Amazon, Shoes.com, Zappos, etc. It’s also always good to google discount or promo codes for the website you’re shopping at. =]
I am the master of spreadsheets!
The challenge is to stick to the budget and not go stir-crazy. It’s especially challenging when 1) you live in a vibrant urban metro area, and 2) partner is a born spendthrift.
Goldstar, Restaurant.com, Groupon and even Yelp have helped us to not be hermits during this era of belt-tightening. Plus my town holds lots of free events in its central square just a few blocks away, and a few blocks beyond that are two fantastic discount stores including a Grocery Outlet.
The spendthrift issue has taken years of counter-conditioning and is ongoing!
I do have a budget, when it comes to food not so much. We cook at home a lot so I grocery shop a lot, but we avoid going out to eat to about 2-3 times a month. Just need a budget on house decorations/shopping for me.
Thanks for the tips!
I hate to say this but I don’t have a budget. Like everyone else I need to get my spending habits in order and really put away some money. I plan to sign up for the newsletter and put some of there suggestions into play. I am gald that I read this article.
cool tips
Groupon.com and LivingSocial.com are awesome sites too!
They offer coupons for up to 75% off for restaurants, bars, stores, sporting events, etc. Ideal is having the defalt location as your current/home city. But if you’re trying to save when traveling, you can set your destination city as the default location a couple of weeks before your trip to see if there any deals around your stay! I’m going to San Francisco next month and I’ve been looking daily to see what deals I can buy to save on my trip!
i love getting the dailyworth emails! so glad i signed up for their free newsletter. each day they send a different tip on saving, spending, budgeting, investing–it’s great!
These are that I have done or currently doing now. Love DailyWorth. I get their
emails.
This was really helpful — more of this please!
great tips!
I’m pretty good at this already, nothing new for me in these tips.