Basic budgeting tips

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:

  1. 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.
  2. Determine your net income, after deducting fundamental expenses, from your total monthly revenue / salary / pocket-money.
  3. Always make sure you have a buffer amount / extra provision for important uncertainties / contingencies / emergencies.
  4. 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.
  5. Make sure to put money aside regularly, as on the long-term, you’ll see a difference in savings made.
  6. Opt for payment methods, that don’t require paying a commission to the service provider (eg. cash), whenever possible.
  7. Use product samples for testing, whenever available, before deciding to buy / ask if there’s a return policy.
  8. Join interesting vacation / part-time jobs, that would give a good boost to your professional experience, while earning some extra income.
  9. Read more on the topic, put into practice, and find out what works best for you.
  10. 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…

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