How to Stay on a Budget
Financial fitness is something a lot of people strive for. Learning to save is easy; learning not to spend is sometimes difficult. We know it’s important to have enough to cover all your expenses, especially as we enter a new season and prepare to enter winter, one of the priciest seasons! So today the Element Apartment Homes Blog has ideas for saving money and staying within your means, right from the comfort of your own apartment here in Mount Prospect, IL.
For those who are paid every 2 weeks, these budgeting tips from Moola Saving Mom are useful! She mentions the following:
— Budget off 2 checks a month. Some months you will get 3- but you will always get at least 2. Always budget on the least amount of money you expect a month. Always better to be UP income than DOWN.
— Put as much in the starting “bucket” as possible. Whatever money you can start off your budget with- the better. This gives you a buffer so if several bills are due on the 10th but your check doesn’t come in until the 12th you have a buffer to protect you from overdrawing.
— Pad your savings. That third paycheck you get a few times a year? Put it into savings. Pretend you never got it. This will help build that buffer even stronger. If you have a strong budget you won’t “need” that third paycheck to cover the bills.
My Finance introduces the idea to open a new account in order to save money when you’re living paycheck to paycheck. The author says, “Why a new account? Momentum is so essential to this process…I’ve learned after so many failed attempts.
“Having a separate account helps you track your positive progress and builds that crucial momentum.
“Quick metaphor: when you’re on a diet, if you step on a scale and see that you’ve lost some weight, you feel reinvigorated and you keep pushing on right? I learned it’s the same thing with your finances. So choose a new account—preferably one that's harder for you to withdraw from, think an online bank—and then make an initial deposit. I know, I know... it doesn't seem worth it to deposit a small amount, but getting started is an extremely important first step! Just trust me.”
Good luck getting financially fit this month! Thanks for reading the blog!