HOW TO LIVE ON A BUDGET- 6 ESSENTIAL TIPS.
‘How I am I going to get by this month?’ is a very common phrase where I come from. Yes, I know we live in tough economic times with high unemployment, and meager wages. However, that does not mean that you cannot find a means to circumvent this. I will begin this article with a narrative.
An year ago, I was in a bind economically. I did have a job back that paid decently. However, without proper planning, I found myself overspending and was frequently behind in paying bills. Luckily, it never got the point whereby I was kicked out of my house, Thank God. But It was not until I found myself not being able to purchase some over the counter drug medication that I got my wake up call. Enough was enough. I sat myself down with pen and paper, and decided to draft a list writing down necessities and cutting out unnecessary items. On this note, I would like to share a few tips that I have discovered along the way that would guide you my dear readers as you prepare to tighten the belt.
Here are 6 essential tips on how to live on a budget.
· Draft a budget list-
This is the first tip. Take out your pen and paper and list what you want starting with the most to the least essential. This action will make you have a clear outline on the exact amount of money to spend. This list will also guide you in separating your needs from your wants. Remember that needs are things you cannot live without, while wants are more or less luxuries.
· Only bite not more than you can chew-
It basically means that you should live within your means. Do not spend money on items that you know you cannot afford because you will just rake up unnecessary debts. Repaying these debts is a burden since it take a toll on your income. You might find yourself without money to buy necessities.
· Avoid impulse buying-
Impulse buying is a disease that plagues most of us. However, the most effective remedy to this problem comes from within, its all about having self-discipline. The art of self-discipline makes you control of your actions; for instance, you will stick to your budget, and resist temptation.
· Cut back items/activities that are unnecessary-
There are quite a number of items and activities that you can forgo since they are more or less a luxury. For instance, you can reduce the number of times you go out clubbing in a month. In do doing, you will find yourself having huge savings that you can redirect to other important ventures.
· Disposing items for example by selling them-
I am very sure that there are quite a number of items like clothes you do not wear anymore or electronics you do not use in your house. Such items are a menace but you can sell them online through Ebay or garage sales to generate extra income. Such income can be very resourceful to your monthly budget.
· Save -
I cannot stress how important savings are. Savings are important since they can serve as an emergency kitty instead of borrowing money. Remember that borrowing leads to unnecessary costs that can strain your budget.
Challenge yourself my dear readers by adhering to the 6 essential tips I have written above. I really would love to hear from you. Be free to share with me some additional tips I may have left out. My email is at firstname.lastname@example.org
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