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Created: Thursday, 09 June 2016 14:10 | Rate this article ( 0 Votes )  | Hits: 617 | Category: Blog Comment count: 0

Four Tips You Can Use for Stress-Free and Effective Budgeting.

If there is one thing that never seems to be enough, it’s money. You want this, that or the other to make your life comfortable and luxurious, but it might sometimes stretch your pocket until it has serious holes! The questions then become: Are you living within your means? Can you afford to spend? Here are four budgeting tips to curtail your spending and maybe free-up some cash you might be losing out due to unnecessary spending.

 

1. Have Goals.

The reason why most people over-spend is because they live beyond their means. Sometimes you might find yourself eating a lot of takeaways and before you know it, you are out of cash. Why not consider carrying a lunch pack to work in order to cut costs? What is important is leaving within your means. Clearly stating your month’s goals might be beneficial when budgeting. You can buy a notepad and write down how you will spend money that month.

 

2. Track Your Spending.  

Have you ever been in that situation where you run out of funds mid-month and every day you constantly dream about “pay day?” You might consider tracking your spending pattern. Budgeting and planning helps you determine and detail your long- and short-term financial goals so that you won’t panic every time money is mentioned.

 

3. Save First.

Before spoiling yourself with goodie goodies (the chocolates, extra clothing and fancy dates), make sure you have saved some money first. Saving does not necessarily mean living like a miser; it simply means prioritising important things in order to leave an allocation for extra money. The important thing is to understand ways in which you can save whilst at the same time enjoying a luxurious life.

 

4. Use the 50/30/20 Budget Technique.

You might be interested in saving but not have an idea how to. In sync with the previous point, implementing a 50/30/20 budget will enable you to account for your income. 50% can cover your basic necessities like Medi-funeral cover, housing, transport and utility bills. Set aside 30% for your wants; entertainment, outings and shopping. The 20% will be for savings and you might consider setting this aside for your debts, or your retirement package.

 

Implementing these tips will thus help you budget and uplift your spirit. As Corporate 24 Medical Aid, we are the stress-free and budget friendly Medi-Funeral plan which covers you in more ways than one.

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