As a student, years ago, I went wild on a shopping spree, and decided to take a closer look at my needs and examine ways to control my impulsiveness!
This brought me to some basic budgeting ideas, that I will share with you below:
- Make a list of things you fancy, in order of priority, starting with your needs. The least important ones could wait for next month, or even after.
- Determine your net income, after deducting fundamental expenses, from your total monthly revenue / salary / pocket-money.
- Always make sure you have a buffer amount / extra provision for important uncertainties / contingencies / emergencies.
- Use a pocket notebook and pen / excel sheet / or any free downloadable note-taking and budgeting app, to keep track of your list of desired items / services.
- Make sure to put money aside regularly, as on the long-term, you’ll see a difference in savings made.
- Opt for payment methods, that don’t require paying a commission to the service provider (eg. cash), whenever possible.
- Use product samples for testing, whenever available, before deciding to buy / ask if there’s a return policy.
- Join interesting vacation / part-time jobs, that would give a good boost to your professional experience, while earning some extra income.
- Read more on the topic, put into practice, and find out what works best for you.
- Spend rationally, but do spoil yourself sometimes, too!
Ever found yourself in a similar situation? How did you handle it? Do share your experience below…