• 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.

Some Questions That You Want to Ask About From A Residential Structural Engineer

May 20, 2022 By Annie

What does a pillow protector do that makes it useful?

May 19, 2022 By Annie

What is the best step for better beard care?

May 19, 2022 By Annie

img

The Basics of Home Warranties and What They Cover

May 19, 2022 By Annie

Newborn Photography Tips for New Parents

May 18, 2022 By Annie

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

Some Questions That You Want to Ask About From A Residential Structural Engineer
  • Tips

Some Questions That You Want to Ask About From A Residential Structural Engineer

By Annie  / May 20, 2022
Structural Engineers are specialized people that determine the integrity of homes and buildings. When it comes to questions about buildings...
Read More
What does a pillow protector do that makes it useful?
  • Health

What does a pillow protector do that makes it useful?

By Annie  / May 19, 2022
If you have recently come across pillow protector then you may not entirely be familiar with the concept and all...
Read More
What is the best step for better beard care?
  • Health

What is the best step for better beard care?

By Annie  / May 19, 2022
If you are passionate about starting your journey towards better beard care then you might be wondering what the best...
Read More
The Basics of Home Warranties and What They Cover
  • Business

The Basics of Home Warranties and What They Cover

By Annie  / May 19, 2022
There is no doubt that your home is a valuable investment. It is likely the largest purchase you will ever...
Read More
Newborn Photography Tips for New Parents
  • Tips

Newborn Photography Tips for New Parents

By Annie  / May 18, 2022
Newborn photography is an art form that takes perfecting- but you may only have one chance per child- so it's...
Read More
Can a Chapter 7 Bankruptcy Ruin Your Credit Score?
  • Uncategorized

Can a Chapter 7 Bankruptcy Ruin Your Credit Score?

By Annie  / May 17, 2022
The short answer is no it will not ruin your credit scores, but the longer answer is that of course...
Read More
5 Ways That Digital Tech Can Help Mums
  • Family

5 Ways That Digital Tech Can Help Mums

By Annie  / May 16, 2022
If you are approaching motherhood, this is an exciting time for sure! Of course, it is perfectly normal to be...
Read More
Styles in tee shirts!
  • Life Style

Styles in tee shirts!

By Annie  / May 11, 2022
Tee shirts are more famous than they ever had been earlier than. They have the precise potential to give your...
Read More
How Moms Can Plan a Memorable Northeast Family Vacation
  • Tips

How Moms Can Plan a Memorable Northeast Family Vacation

By Annie  / May 6, 2022
Going on vacation can be a great way to spend time together as a family, and there is plenty to...
Read More
Is Air Conditioning Bad for Babies?
  • Health

Is Air Conditioning Bad for Babies?

By Annie  / May 4, 2022
Keeping newborns and growing babies healthy and comfortable is every parent’s top priority. The concerns of sudden changes in the...
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

© 2022 · Pretty Creative WordPress Theme by, Pretty Darn Cute Design