Budgeting is a necessity if you want to stay on top of your finances. Discipline is a strong requirement to keeping to these rules but they form a basic guide to developing good budgeting habits that you wouldn’t regret in future.
TAKE SMART BABY STEPS
If you’re new to budgeting, try not to start with a yearly budget plan. Start with a shorter time frame, like daily or weekly budgets, to allow yourself get better at disciplining your spending habits. You could even go further by setting up a budget for specific things. Like having a weekly food budget, weekly fuel budget, etc.
THOU SHALL NOT COVET
Lusting after the luxurious lifestyle of others around you will tempt you to go over your budget. You will find yourself saying things like “You only live once” and splurging money unnecessarily. If you know you can’t afford it, don’t buy into it.
CHECK YOUR BANK STATEMENT REGULARLY
Don’t wait for the bank to send you your results on how you performed on the spending test at the end of the month. If not daily, try monitoring activities on your bank account weekly in case there was something you forgot to consider when drawing up your budget. Checking your bank statement regularly gives you a reality check on how good (or bad) your spending has been. Then based on what you realize, you can quickly restructure your budget plan.