Here at GoDay, we’re all about staying on budget. And we like to provide you with options when it comes to your payday loan and budgeting to help get you to stay on track. Because that’s the first step when it comes to saving money, being on track financially comes from having a budget in place.
We’re all always looking for ways to help you save more money and keep your visits with us few and far between, and when it comes down to it, what are you willing to sacrifice to buckle down on your budget? We’ve become accustomed to some of these things that we think we “need” them because we’ve had them for so long when really it’s more of a “want” and would be just fine without them. And we understand that life happens. There are financially more stressful times of the year where it is easy to lose track of your spending, which is why we ask – how do you keep track of your money? The first question we always ask is if you have a budget in place? Many people have different ways of how they like to manage their finances and budgets, that’s why we created a guide to help in times where you need to buckle down on your budget.
Start Simple
It is okay to re-evaluate your budget if you’re finding it’s not working for you and not able to stick to your financial plan. If this is your first time budgeting, finding a method that will work for you is the first step you need to take. We’ve previously talked about mobile apps that can help you stay on budget by adding your accounts and tracking your purchases and are finding this is becoming a more popular way of monitoring spending as it is more common now for people to always have their mobile devices readily available. If that doesn’t sound like you, what about a spending journal? An excel tracking sheet? A certain program or software? Because it is very common for people to have to tweak their budgets numerous times a year and things like new expenses, big events and of course the unexpected payments we all face can all impact your spending and throw you off budget. That’s why seeing where your money is a great opportunity to be able to readjust it to stay on track all while paying for all of life’s moments.
Know Your Money Is
It’s not about knowing how much you regularly have coming in, but also how much money you have coming out as the first step in being able to create your budget. This is not only a starting point for your expenses but also your savings. Off the top of your head, do you know your total monthly expenses? That’s why creating a list of each expense can help lay out all your costs and make it easy to see where your money is going. If you know you’re not staying on track means you have an idea of your spending habits to know how you’ve gone over budget in the first place. Once you have your costs organized you will feel more financially prepared financially by having a budget in place that will help you with the ins and outs of your money.
By being aware you’ve blown your budget this will help you be more cautious when it comes to your spending. There shouldn’t be any extra expenditures when you’re already in a financial bind, and by understanding how you got yourself into this financial situation is what also needs to be addressed. Did you miss a bill payment and the interest is adding up? Is it a big month in terms of expenses? Has there been an emergency where financial assistance is required? No matter what the situation, understanding why you’re in the financial spot you are in is what will help you get out of that bind, but will also help you prepare for the future accordingly. When you’re in this kind of financial position, this is where we can step in to help, because that’s what our payday loans are for – making sure you stay afloat until your next paycheck and getting your back on track.
Budget Your Savings
Treat your savings account like any other bill that needs to be paid each month. With all of your costs laid out, you can now see when your money is going; this is where you can take the next steps to see where you can start saving more. It is very common to feel like you don’t have enough money to save after you’ve paid all your bills and covered the other expenses for the month; but by creating a budget and making your savings a financial priority, this helps to force you to start putting money away. That is why you need to budget for your savings. This could also lead to finding spending gaps and other things within your budget where you start to cut back. We can’t stress enough how important having some form of saving goals can be, not to mention we’ve always stressed about having an emergency fund and having us when times can get financially tough, so treat your savings like any other expense and work out how to add saving more into your budget.
Stay Committed
It’s one thing to put all this effort into budgeting, but it’s another to actually follow through on your financial goals. By sticking to the budget list you’ve created, you’re working on creating financial stability focused around you and your lifestyle. When starting to make your budget, you need to find out what works for you. This could be a variety of things including mobile apps or the pen and paper method. So what happens when you’ve blown your budget? This means you may need to focus on your spending habits to know how you got off track. Being aware and able to paint the picture of what went wrong are the keys to understanding the state of your current financial situation and setting an action plan as to how you’re going to rectify or make sure you are financially in a good spot to get back on track. Work at your budget for a few months as this will allow you to work out the kinks.
What are your tips and tricks when it comes to buckling down on your budget? Let us know in the comment section below.
