Dos and don’ts for sticking to a budget

With the cost of living on the rise and wages stagnating, lots of people are starting to think about how they can budget more effectively. However, this is often easier said than done. The good news is that with some forward planning and dedication, you can definitely achieve your financial goals. Here are some practical dos and don’ts to help you out along the way.

Do: Educate yourself

Finance can be very confusing to those with no background knowledge of the subject. There’s a lot of jargon being thrown around and complicated ideas discussed, which can seem impenetrable from the outside. That’s why it’s vital to educate yourself, so you can make informed decisions about issues such as investing and borrowing money. Spend time reading books on the topic or browsing reliable internet sites. Start by Googling personal loans no credit, or other aspects of finance that you want to learn about, and see where it takes you.

Don’t: Overlook the little things

When you are trying to save up money for a large purchase, it can feel like an impossible goal. After all, how is cutting back on Starbucks going to get you a house deposit? Well, the reality is that over time those little savings will undoubtedly add up to a tidy sum. So don’t disregard any savings advice for being too small!

Do: Use technology to your advantage

Technology has improved our lives in so many ways, and helping us to budget is definitely one of them. You can use an app to track your spending, search online for discount codes, set reminders for when bills need to be paid, and even invest using your smartphone. Technology can also enable you to cut your utility bills, for example, by fitting an aerated showerhead that uses less water or a smart plug that allows you to easily switch off all your electronics when you’re not using them.

Don’t: Rely on credit cards

Credit cards can make it very easy to overspend, so try not to use them if you can help it. Get into the habit of using a debit card or cash instead so that you can only spend money you actually have in your bank or wallet. Cash is especially effective because it feels more real to your brain than digital money does. Tactics like this can reduce the risk of getting into a spiral of debt.

Do: Find ways to keep yourself motivated

Setting up your budget is only half the battle – you then need to ensure you have the motivation to stick with it for the long run. There are lots of different ways you can do this, for instance, by tracking your progress towards your goals and rewarding yourself when you hit a milestone. Another tactic some people find helpful in creating a vision board (either a physical or digital one) that’s bursting with images that remind you why you’re doing this. For example, this could be photos of your dream home, a college diploma, or your ideal vacation destination. Then whenever you feel your motivation slipping, look at the board and remind yourself that the hard work will be worth it!

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