8 Budgeting Tips to Live By
We’re back for week three of ‘Your Money Matters’ and this time we’re taking a look into elusive world of budgeting. For years, budgeting tips have been exclusively targeted at women, but it’s important to keep your financial options broad. We’ve already taken a look at some advice for those who are new to investing in crypto, but if you couple this with some successful budgeting tactics, you could be in for a winning combo.
Without further ado, here’s eight budgeting tips that might help you build up your rainy-day fund.
Kata Stier, Founder of Blockchainter
For Kata Stier, it’s all about being organised and staying on top of your goals. Keeping track of all your income and outgoings is essential if you’re going to put together a budget that you can stick to.
Bridget Greenwood, Founder of The Bigger Pie
Limit distractions. It can be hard to build up your savings or emergency funds when you’re constantly being faced with targeted adverts. Bridget Greenwood recommends blocking online ads or trying to avoid them to stop you getting distracted from your financial goals.
Kate Baucherel, Speaker and Digital Strategist at Galia Digital
Out of sight, out of mind. If you can afford to keep some of your funds locked away, Kate Baucherel recommends using this tactic to avoid the temptation of spending. You can often earn great interest when you lock some funds away – why not check out our X-Accounts where you could earn up to 16% on your balance!
Michelle O’Conner, VP of Marketing at Taxbit
Try before you buy. Michelle O’Conner suggests taking advantage of free trials to see if you really need a product or service. There’s nothing worse than spending a lot of money on something you end up not using, so you can use free trials to make sure you’ll be getting your money’s worth!
Sophie Morris, Copywriter at Wirex
They say never go food shopping on an empty stomach but take it to the next level by having a whole meal plan before you go. Sophie Morris recommends planning your meals out before hitting the shops so you don’t get tempted to overspend on food you may end up throwing away.
Kunbi Oshodi, Social Media Specialist at Wirex
Look at the bigger picture. For Kunbi Oshodi it’s all about giving yourself a budget for the month. If you allocate all your money to a purpose or category it’ll be much easier to prevent overspending. A place for everything and everything in its place.
Francesca Cintura, Senior CRM Manager at Wirex
For some people it’s all about lists, for others it’s all about colours. Francesca Cintura suggests dividing your budgets up by colours to help keep everything organised and help keep you on track with your saving and spending goals.
Shelle Fantastic, Founder of SheFan PRO CREATIVE:
It might sound simple, but budgeting comes down to prioritising your funds. Shelle Fantastic suggested a 70:30 split of spending and saving – if you have the capacity, straight after you get paid, set aside a certain amount in a different pot of money. The rest of it is yours to spend!
There’s no hard and fast rule for budgeting, and it’s important to figure out what works for you and your lifestyle. Try one of these suggestions above, and if that’s not working, move onto another. Before you know it you’ll be ready to your next pair of shoes, car or even house!