1. Keep track
It’s important to identify your budget baseline by tracking your spending for a few months. This way you know how much goes toward rent or mortgage, transportation, food, utilities, shopping, etc.
2. Use technology to your advantage
There are many apps that can help, which actually connect with your bank accounts and over a period of time, they use the data from your spending habits to offer ideas or set up a complete budget for you.
3. Give each dollar a job
It can really help you learn where each dollar is going and gives you the ability to see how you spend your money.
4. Set goals
Having a specific goal keeps you motivated and excited to save money.
5. Divide and conquer
Technology has made it easy to have a portion or portions of your paycheck distributed into special accounts.
6. Automate savings
To figure out how much to set aside each month, divide the total cost of what you’re trying to save for by the number of months you have before you plan to make the purchase.
7. Side hustle
The extra cash can really add up and help you save towards those short-term goals like buying a new bag or your next vacation.
8. Make decisions with vision
Create a ‘Wealth Vision’, which is a goal for where you want to be financially (income, expenses, savings, and investments) over different periods of time in your life. This will help you to budget and make great spending decisions.
9. Make a list and stick to it
We’ve all experienced entering a store needing one item and leaving with several. This kind of shopping can greatly impact your budget. Make a list and stick to it so you don’t get sidetracked.