To budget your finance is to get an estimate of your income and expenditure for a set period of time. Like jeans, there is no budget plan that fits for all. Your friend’s budget might be different from yours. So how do you create a budget that is made just for you?
- Determine your must-haves or budget untouchables – Figure out what NEEDS to be paid every month, even though we wish some monthly payments like electricity and rent should be optional. You might also have some other items that are untouchable and you can’t imagine living without it. For example, if you own a dog or a cat, you would need to budget every month food and litter/supplies for the pet if you want to keep them happy and alive.
- Try to re-negotiate on your bills – Almost everything can be negotiated. The trick is to speak to the right department. For example, if you are signing up for a new cell phone plan, ask if there are corporate discounts. Did you get a great deal on your internet/TV package that is only valid for a year? Talk to the cancellation department and try to negotiate a new plan before the price goes up. Even your rent can be negotiated. When you are looking for a property to rent, use a rental agent that know the specials as well as negotiate the monthly price for you.
- Consider online shopping or shopping at a store that matches online prices – With places like Amazon and Jet.com, they have home essentials that can be delivered to your door quickly at a fraction of the price you will find in a store. All you need to do is do your research before you buy. Some major stores, like Best Buy and Walmart, will match the prices you find on legit sites like Amazon to keep you as a customer in the store. Ask your store for details on the rules for price matching.
- If you won’t cook at home, then don’t kid yourself – Everyone knows that it is cheaper to make your own meals at home than it is to eat out. However, if you know you won’t be able to cook or really don’t trust your cooking instinct, then don’t waste the money you will spend on groceries that you will throw away in the first place. It’s ok if you go out to eat a lot, as long if you can budget it in! Consider smarter choices like saving a portion of your servings for lunch the next day or make smarter restaurant choices. Another great idea is check out deals on restaurants on websites like Groupon or Restaurant.com.
When you budget, you will be improving your financial situation and help you live the life you want to live! What are some of the “untouchables” in your budget? Did you try any of the tricks and it worked? Give us a call at 973-577-7008 and let us know!