• 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.

Should T3 Tablets be Used to Lose Weight?

June 1, 2023 By Annie

Stress Management in a Digital World: Techniques to Teach to Kids and Teens

May 31, 2023 By Annie

Preparing Children to Visit a Care Home: A Guide for Parents

May 25, 2023 By Annie

Early Signs of Bullying in Under 10’s: A Guide for Teachers & Parents

May 24, 2023 By Annie

The Ultimate Guide to Custom Swimming Pools for Entertainment

May 14, 2023 By Annie

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • Facebook
  • Twitter

Should T3 Tablets be Used to Lose Weight?
  • Health

Should T3 Tablets be Used to Lose Weight?

By Annie / June 1, 2023
If you have recently been diagnosed with hypothyroidism, you are not alone. Studies have found that approximately two percent of...
Read More
Stress Management in a Digital World: Techniques to Teach to Kids and Teens
  • Health

Stress Management in a Digital World: Techniques to Teach to Kids and Teens

By Annie / May 31, 2023
In today's digital age, we all are surrounded by technology and gadgets. Children and teenagers are more tech-savvy than ever...
Read More
Preparing Children to Visit a Care Home: A Guide for Parents
  • Health

Preparing Children to Visit a Care Home: A Guide for Parents

By Annie / May 25, 2023
If your loved one has been moved into an Eastleigh care home in Minehead (or elsewhere) because they have become...
Read More
Early Signs of Bullying in Under 10’s: A Guide for Teachers & Parents
  • Family

Early Signs of Bullying in Under 10’s: A Guide for Teachers & Parents

By Annie / May 24, 2023
Bullying is much more common than the majority of parents and teachers choose to believe. In fact, it is thought...
Read More
The Ultimate Guide to Custom Swimming Pools for Entertainment
  • Life Style

The Ultimate Guide to Custom Swimming Pools for Entertainment

By Annie / May 14, 2023
Summer is approaching, and everyone is excited about the sunny days ahead. One of the best ways to beat the...
Read More
3 Ways You Can Help Your Child Plan a Wedding
  • Tips

3 Ways You Can Help Your Child Plan a Wedding

By Annie / May 11, 2023
Weddings are happy occasions - the coming together of not just two people, but also two families. It means memorable...
Read More
3 Practical Gift Ideas for Your Daughter In Law
  • Life Style

3 Practical Gift Ideas for Your Daughter In Law

By Annie / May 10, 2023
Your daughter-in-law is a part of your family and if you play your cards right, you can have a very...
Read More
The Importance of Writing Thank You Notes After Graduation
  • Life Style

The Importance of Writing Thank You Notes After Graduation

By Annie / April 21, 2023
An important turning point in a person's life, graduation signifies the close of one chapter and the start of another....
Read More
3 Tips For Starting Your First Year Homeschooling
  • Tips

3 Tips For Starting Your First Year Homeschooling

By Annie / April 13, 2023
If you’re thinking about homeschooling your kids rather than sending them to a public, charter, or private school, you’re likely...
Read More
Nursing in the digital age: The role of telehealth in patient care
  • Health

Nursing in the digital age: The role of telehealth in patient care

By Annie / April 3, 2023
Nurses are at the forefront of patient care and act as drivers of healthcare change, including using technology such as...
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

© 2023 · Pretty Creative WordPress Theme by, Pretty Darn Cute Design