7 Quick Budgeting Tips

7 Quick Budgeting Tips

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If youve found yourself tightening your purse strings lately, youre not alone. The effects of the recession and the latest round of government cuts mean that most of us have less of a jingle in our pockets than before. Thats why budgeting is more important than ever, and although it may be a depressing thought it doesnt have to be all doom and gloom. By making some small changes to your lifestyle, you can keep your spending under control and still give yourself the occasional treat.

Know how much you spend!

A budget is simply a case of matching your outgoings with your income, so take a close look at your bank statements for the past year. This will give you a truer indication of what goes in and out of your account than if you just looked at the previous month. Highlight any recurring luxuries that could be cut, or substituted for a cheaper alternative.

Prioritise your spending

Once you know what youre spending, you can prioritise. For example, that 3.50 you spend on your weekly magazine could buy you the ingredients for three packed lunches or your fare to work. Bills, mortgage and debt repayments must always come first, otherwise you run the risk of spiralling into debt.

Plan your grocery shopping

Before you do your shopping for the week, plan your meals for each day. This will help you to spot any of the more expensive items and gives you time to think about whether you can substitute them - its much harder to do this when youre traipsing round a busy supermarket! Make a list of what you need and above all else, stick to it. Having a definite plan of what youre going to purchase will help you estimate the cost and makes you less likely to be tempted by pricey impulse buys.

Plan for special occasions

Its worth putting some money aside each month so that when it comes to Christmas or birthdays youre not struggling. If youre good at crafts you could even try making your own, a homemade gift or card is often more appreciated because of its uniqueness and the effort thats gone into it.

Take advantage of bulk discounts

Walk around Boots or Superdrug and the chances are youll see several Buy One Get One Free deals, or heavy discounts on cosmetics and toiletries. These are a great way to save money on staple items, but be sure that youre actually going to use them. If you end up with ten bottles of shampoo in your bathroom, or a towering mountain of wet wipes, it negates any saving you made.

Bring a packed lunch

Its amazing how much a shop-bought lunch can cost, it can easily add up to over fiver if you include snacks as well as a sandwich thats 25 a week which could be put towards bills or travel. Bringing your own food to work costs a fraction and at least you know whats in it! Also try and avoid buying speciality coffees because they often cost more than the lunch itself.

Cut back on eating out

Restaurants put an extraordinarily high mark-up on food to cover their own costs. This means that you end up paying three or four times what the meal is actually worth, not to mention the alcohol that goes with it. Having said that, heres no harm treating yourself now and then. Eating in pubs canoften be cheaper and you dont usually have to pay a service charge (unless its a gastropub). Also, many of the high street chains offer great deals during the week. And online voucher sites give you discounts on a wide range of products.

About the Author:
If you have sever debt and are looking for bankruptcy advice visit ClearDebt. Offering a wide array of Debt Management Plans and IVAs for individuals, ClearDebt will help you get your debt under control and answer any of your questions about IVAs.



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