Creative Ways to Budget. How to get Started.
Tips:
- Don’t get discouraged! On average people overspend by 10%, don’t get discouraged that you do too. Stick with it and be committed to fixing it!
- Be consistent
- Get everyone involved. At the beginning you may even want to have a weekly family meeting where everyone who spends money is together, reviewing the spending plan. Its critical for you and your spouse to work together but, why not start educating the kids about spending management too?
- Learn to “Pay Cash”. Don’t rely on “credit”. If you don’t have the funds in your envelope, don’t make the purchase.
- Avoid Department Store or other merchant credit accounts. People tend to spend more with these cards and they often have higher interest rates.
Creative ways to Budget:
- Spending Management is a whole new way to look at the old concept of budgeting. A spending plan is proactive and puts you in control.
- Envelope Method of Budgeting
- Make it a game by seeing how much you can ‘sweep’ at the end of the month from your monthly discretionary envelopes into savings, debt reduction, or a new car fund/vacation fund.
- Mvelopes Personal- all online, with access from anywhere, at anytime.
- Use the Debt Roll-Down principle to quickly eliminate debt.
Ways to Start Budgeting:
- Make a commitment, and truly have the desire to change and succeed.
- Take stock of where you stand right now.
- Spend less than you make. Follow the success cycle (Plan, Track, Compare, Adjust) every month.
