• Home
  • About
  • Life Style
  • Family
  • Tips
  • Health
  • Business
  • Pets
  • Recipes
  • Contact
    • Facebook
    • Instagram
    • Twitter

When Parents Text

When Parents Text

How to Budget Your Finances: 5 Key Tips to Remember

December 14, 2017 by Annie

If you’re determined to effectively budget your finances, simply continue reading to discover 5 key tips to remember.

How to Budget Your Finances: 5 Key Tips to Remember

Get into the habit of creating a weekly budget

Once you’ve figured out how much disposable income you have on a weekly basis, you can decide how much money to budget for groceries, shopping and activities. As if you don’t have a firm budget in place, you’re likely to overspend on items, which you don’t need.Ideally, you should also look to save or invest at least 20% of your income. As you don’t want to live from paycheck to paycheck, for the rest of your life.

Adopt a 50/30/20 rule to guide your spending

You may want to adopt a 50/30/20 rule, where you allocate 50% of your weekly budget to necessities such as purchasing groceries and paying your power bill and 30% of your income to discretionary items such as purchasing a new pair of shoes or enjoying dinner at your favorite restaurant. Which leaves 20% of your weekly budget to invest or place into a bank account.

Record every cent that you spend

It’s well worth creating a spreadsheet, where you can document every cent which you spend. As there’s no point creating a weekly budget if you don’t know how much money you’re spending. By recording every cent you’ll spend, you’ll also discover what areas you’re wasting money on, which will allow you to reduce any unnecessary spending which may be going on.

As an example, you may find that you’re spending far too much money on clothes, which you don’t need or you may spend a small fortune on socializing with your friends.

Write down your top 3 priorities for the year

Unless you have an unlimited passive income, it pays to prioritize your goals. As an example, your top 3 priorities for the year ahead, may be to save money for a house deposit, to enjoy an overseas vacation and to renovate your kitchen.

It’s well worth writing your goals on a whiteboard, which you can look at on an everyday basis. As you’ll be far less likely to spend your disposable income on buying cheap fashion or junk food when you’re clear about the goals which you have prioritized.

Organize a monthly automated transfer

Most banks can automatically transfer a percentage of your fortnightly income from your short-term savings account, to a separate long-term savings account. If you’re committed to attaining your financial goals, it’s well worth having 20% of your income, automatically transferred to a long term bank account. Which boasts a high-interest rate.As most long-term bank accounts penalize account holders, who take money out before it’s matured, you’ll also be far less likely to withdraw money, in the short term.

So if you’re looking to regain control of your finances, it’s well worth following the 5 foolproof tips listed above. As they are guaranteed to help you successfully budget your finances and plan for your future. After all, if you don’t plan for financial success, you’re effectively planning for financial ruin!

About Me

Hi! I'm Annie and I have 3 kids (all in their teens - yikes!). My mommy blog isn't all about lunches and DIY - it's also about humour. Like how my kids make fun of my texts as if I don't know how to use emojis (I DO!). Now that I have a bit more time - since my kids don't want to hang out with me (teenagers), I have taken up blogging.

Image result for roof plumbing"

Difference between regular plumbing and roof plumbing

December 12, 2019 By Annie

What Qualities Are Needed In The Service Provider Or The Surgeon For Hair Transplant Repairs?

December 12, 2019 By Annie

Toronto Hair Transplants: Do They Really Work?

December 12, 2019 By Annie

A Few Cost Factors That You Need To Know About Rhinoplasty Toronto

December 12, 2019 By Annie

Fun Crafts For the Whole Family

December 11, 2019 By Annie

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • Facebook
  • Google+
  • Twitter

Difference between regular plumbing and roof plumbing
  • Tips

Difference between regular plumbing and roof plumbing

By Annie  /  December 12, 2019
There’s no hiding the fact that plumbing is a necessity for our day to day lives. Whether your have clogged...
Read More
What Qualities Are Needed In The Service Provider Or The Surgeon For Hair Transplant Repairs?
  • Health

What Qualities Are Needed In The Service Provider Or The Surgeon For Hair Transplant Repairs?

By Annie  /  December 12, 2019
The old hair restoration methods would use large grafts that produced a doll's head look; that is why this result...
Read More
Toronto Hair Transplants: Do They Really Work?
  • Health

Toronto Hair Transplants: Do They Really Work?

By Annie  /  December 12, 2019
By principle, skin transplantation is quite straightforward surgery. Hair is removed from one section of the head (generally from the...
Read More
A Few Cost Factors That You Need To Know About Rhinoplasty Toronto
  • Health

A Few Cost Factors That You Need To Know About Rhinoplasty Toronto

By Annie  /  December 12, 2019
Costs need to be carefully considered when preparing for your rhinoplasty in Toronto. Not all surgeries are the same and...
Read More
Fun Crafts For the Whole Family
  • Family

Fun Crafts For the Whole Family

By Annie  /  December 11, 2019
If you fondly recall spending weekend afternoons with your family creating a wide variety of fun arts and crafts, it's...
Read More
Reclaimed wood flooring combine the old with modern
  • Tips

Reclaimed wood flooring combine the old with modern

By Annie  /  December 9, 2019
You may be wanting to add character to your present-day house or ancestral house an ancient look reclaimed wood makes...
Read More
Should You Fund Your Startup With a Cash Loan
  • Business

Should You Fund Your Startup With a Cash Loan

By Annie  /  December 9, 2019
Part of running a business is making tough financial decisions. When your business is in need of cash, you will...
Read More
How to Plan for Unexpected Expenses
  • Tips

How to Plan for Unexpected Expenses

By Annie  /  December 7, 2019
It is often those unexpected expenses that get in the way of maintaining financial stability. You have everything in your...
Read More
Incline Village, Nevada
  • Life Style

Incline Village, Nevada

By Annie  /  December 6, 2019
Overview Set high in the mountains 200 miles east of San Francisco, on the borders of Nevada and California, Lake...
Read More
Transform the kid’s bedroom into a magical winter wonderland
  • Tips

Transform the kid’s bedroom into a magical winter wonderland

By Annie  /  December 5, 2019
‘Tis the season of hot chocolates and festive films, cosy nights tucked under the blanket and time to dust off...
Read More

About Us

Hi! I’m Annie and I have 3 kids (all in their teens – yikes!). My mommy blog isn’t all about lunches and DIY – it’s also about humour. Like how my kids make fun of my texts as if I don’t know how to use emojis (I DO!)... Read More…

When Parents Text

  • Home
  • About
  • Life Style
  • Family
  • Tips
  • Health
  • Business
  • Pets
  • Recipes
  • Contact

© 2019 · Pretty Creative WordPress Theme by, Pretty Darn Cute Design