Summer budgeting tips
Learning to budget
Budgeting your income is always a great decision and can help in achieving financial goals. It’s never too late to start budgeting but it’s important to be realistic in your approach.
Everyone’s goals are different, so budgets are unique from person to person. If you are able to put money into a budget, then consider creating a budget for emergency situations such as losing a job or medical bills. Vacation budgets are exciting but being equally prepared for the unknown is just as.
Let’s explore some awesome summer budgeting tips!
Avoid Debt
Exercise caution in having multiple credit cards. Stay within spending limits and avoid impulse purchases. “Avoid the buy now pay later” mentality can put you in a position of heavy debt that would be difficult to clear out.
Tips
Try always to pay with cash. Using Debit cards helps one to stay out of debt traps that occur when you use credit cards. The lesser credit card expenses to pay the more money you can save. Be proactive in money management.
Reduce expenditure
Take advantage of local farmer markets which are less expensive and contain garden-fresh produce.
Tips
Stocking up on non-perishable food is a great idea when they are offered on sale and also take advantage of special discount weeks to minimize food costs.
“Starting a micro-garden could help in the long run in reducing food expenses and is also a productive hobby to have in your life.”
Track your expenses
There are apps that can be used to track your expenses. It’s imperative that you get your expenditure noted. The quicker you know what expenses you incur, the easier it will be to manage your money.
Keep your purchase receipts so it will be easier to track your money and notice purchase habits.
Make sensible use of your budget
Use your bonus effectively, you can pay off outstanding debt or even put some in an emergency fund to prepare for uncertain times.
Use your bonus as a means to complete certain personal goals, such as clearing your mortgage so that you could finally own your house or save for a vacation that you’ve been planning to go for decades.
The frequency of your bonus amounts may change with time. So this is not something that you can rely on.
Tips
The more you can stick to a reliable budget the easier it will be to achieve financial freedom.
Use comparison apps
The benefits of using comparison apps is that you can save money and have the best price for a product that is being offered by many sellers.
“You can use these apps to get the best price for anything that you may consider buying beforehand, Price Cruncher – Price Compare, ShopSavvy, and BuyVia are amazing apps for price comparison.”
Search around for free activities
Be adventurous and benefit from the free activities that are around you, from visit libraries, community concerts. and having time for nature walks. These things save money and can help profoundly in how you can manage your time productively.
Tips
Visit the beach for some awesome fun. There are many free activities that don’t cost a dime, you just have to be willing to try something new.
Take advantage of reward cards
Credit cards with reward points have some amazing perks. Reward points can be redeemed/exchanged for gift cards, money, traveling, or can also be used for shopping and restaurants.
Reward cards have different reward rates so it’s best to choose those that are pleasing to you for your individual purchases. Make sure to do research and compare all your options (and don’t forget to read the fine print!)