There are plenty of reasons why you might decide to avoid budgeting – even when you know it’s right for you and your family.
A budget might be fantastic for your future (and your finances), but it’s not a lot of fun. The chances are that you’ll have to spend a lot of time and effort figuring out how to adjust your expenses. Plus, you’ll probably have to do some compromising too, which means that you don’t get to spend as much cash on the things you enjoy.
One of the biggest reasons that people avoid budgeting is that they don’t want to feel like they’re being forced to give things up. Fortunately, there are some ways you can cut down your spending without feeling overwhelmed.
Get Rid of the Stuff that you Won’t Miss
Sometimes, the easiest way to start changing your spending habit is to simply do some research. Look at your bank statements and find out whether you’re spending cash on things you don’t use – like forgotten about gym subscriptions or a telephone line that you haven’t touched in years. Getting rid of those things won’t change your lifestyle, but it will save you money.
You can also sell the things that you won’t miss from around your home to put some extra cash into your savings account. For instance, if you’ve got a bunch of items hanging around in your attic, just waiting for you to decide you want them again, you can get rid of them and make some much-deserved money.
Make a List Before Buying Food
Before you go for your regular weekly food shop, make sure that you know exactly what you already have, and what you need. Rather than just wandering through the aisles and picking things up, stick to a list. This will reduce your risk of over-spending on items that you don’t really need. Additionally, it ensures that you don’t end up with extra food that you already have in the cupboards at home.
You’d be surprised how often we stock up on things that we think we need, only to find that we already had those products in a cupboard, or the fridge.
Make more Food than you Need, and Freeze it
If you’re constantly struggling to find time to cook, which means that you generally order in more than you should, the next time you make a meal you love – make extra. This will give you some extra portions that you can freeze and use the next week. It could even give you an easy way to keep everyone in the family happy when no-one wants to eat the same thing.
Not only will you save time on meal prep, but you’ll also save a lot of cash too, because you can buy larger amounts of ingredients for a lower price. Just make sure that you actually use your leftovers, rather than just leaving them in the freezer for months.
Deal with Debts Carefully
Debts are one of the biggest financial concerns you’re likely to have, so make sure you know how to manage them. First of all, when you take out a loan, make sure you do your research. Check what kind of deals you can get online and make sure you’re investing in the lowest interest rates and fees. It may even be worth consolidating old debts into something new if you’re paying high-interest rates somewhere. For a short term loan, Omacl.co.uk is a great place to look.
Additionally, whenever you can, invest any extra money you have left over from your budget back into your debts. The faster you can pay off what you owe, the more money you’ll have left over in your bank account. When you’re finished paying your debts, you can even start sending the same amount of cash you were previously spending on repayments into your savings account. You won’t notice the difference until you see your savings.
Know your Goals
Finally, when the time does come to make some compromises on your lifestyle and what you buy, your goals will help you to feel more comfortable about the changes that must be made. Think about where you want to be five years from now, and make sure that your goals align with your partner’s if you’re saving as a couple. This will help you both to stay motivated when the going gets tough.
It’s much easier to accomplish things financially when you know where you’re going to end up if you stick to your guns. If it helps, trying printing out an inspiration board that you can turn to when you need a boost.
