How To Budget Your Money Better Every Month

Learning how to budget your money is a continuous process. Writing down your expenses and income is the first step among many to create the best financial plan for your future.

To make the ultimate budget for yourself, you’ll need to tailor it to your lifestyle and money goals. Here are seven ways to budget your money better every month, from the necessities to savings and everything in between.

Steps To Budgeting Your Money Better

1. Know What You’ll Buy And When

Some things are a given, like your monthly rent or insurance bill. Other things like food, clothes shopping, and gas money could change every week.

Variable expenses can get tricky on a budget. Luckily, some of them – like the ones above – could be made into fixed expenses.

First, find out how much you spend on each variable expense on average. If the expense depends on the season or month, only add the expense to the affected month’s budget.

When it comes to food, set up a staples-only grocery store list that you buy on every grocery run. Then, add a set dollar amount to that list for discretionary or changing groceries. This way, you can set and forget an amount for this expense while also leaving some wiggle room for new recipes or now-and-again buys.

Finally, never – and we mean never – succumb to impulse buys that are not accounted for in your budget. If you suddenly want it, go home, wait a couple of days or even weeks, and reassess the desire after giving it more thought.

2. Auto-Pay Monthly Bills

If you’re not already on autopay, you’re missing out. You can easily set up an automatic payment schedule through your checking account online. This can be done for bills like:

• Phone bills
• Insurance
• Loan repayments
• Monthly subscriptions
• Utility bills

Automatic bill pay takes care of your set monthly bills as soon as you’re paid on a predictable date every month. This is a great way to make sure you never miss a payment and don’t wait until the end of the month when there are no funds left.

3. Don’t Forget Discretionary Funds

If you’re like the average human, you probably make a few unplanned purchases every month. Whether this is a bag of chips at the gas station or a product you normally use that you spot on sale, these little purchases form part of our daily lives.

If your discretionary spending isn’t sucking your wallet dry, add it to your budget. This may mean pulling $10-50 a week out in cash and having it on hand just in case. If you don’t spend it, simply keep it for the following week.

Learning how to budget your money is about controlling your finances, not living a boring life. Allocate a little cash to a discretionary fund and you’ll be even more likely to stick to your budget.

4. Use A Budgeting App

Keeping track of expenses in your mind or on pen and paper is tiresome. Download a highly-rated and simple budgeting app to learn how to budget your money efficiently.

These apps help you monitor your expenses on the move. Some can even connect to your online banking to keep track of purchases automatically. And since you are trying to stick to a budget, use one of the free apps that are available.

5. Update Your Budget Weekly

Even if your app does a lot of the work for you, maintaining a budget requires some personal effort. You should update and check in on your budget weekly, at minimum, to make sure your spending is on track and everything is accounted for.

It is only when you hold yourself accountable that your account balances can increase.

6. Be Realistic – Not Miserable

Learning how to budget your money is nice and structured, but life isn’t. There will be a time or two – or three! – when you go over budget or forget to factor in an expense. When this happens, remember it isn’t the end of the world but a simple learning opportunity.

Take it with a grain of salt, make a mental note of what happened, and try to avoid it next month. Always remember why you’re saving in the first place, and stay motivated.

7. Prepare For Emergencies

If your budget was suddenly turned on its head because of an unexpected expense, you may be short on cash with nowhere to turn – especially if your savings account has yet to grow. In cases like these, you may lean on family, friends, or Idaho Title Loans, Inc. for some help.

How To Access Cash, Fast

At Idaho Title Loans, Inc., you can access between $100 and $500 through a payday loan in as fast as one day. These loans can and should be used as short-term solutions for urgent financial problems, and are often repaid and out of your hair by the following month.

The Payday Loan Process

To qualify for payday loans from Idaho Title Loans, Inc., you’ll need your I.D., a job with adequate pay stubs, and a bank account. We do not ask for a high credit score or any collateral.

To apply for payday loans, simply complete our request form online. A rep from an office in your neighborhood will reach out to discuss the payday loan process. You’ll then meet in person to present your paperwork and see how much you may qualify for.

If approved, you’ll have access to your cash within one or two workdays.

Control Your Bills And Budget This Month

Learning how to budget your money is a huge step towards conquering your bills and finances. It starts with the numbers and is successful only with consistent effort.

If, along the way, you get pulled off track by a financial emergency, consider payday loans from Idaho Title Loans, Inc. to help. You can get up to $500 to help cover housing, car repairs, medical bills, or other urgencies ASAP. Connect with us today to find out how to get the emergency funds you need now to secure your future for tomorrow.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.