How To Save Money Using These Simple Steps
It is well known now that saving money is a healthy habit that you should be practicing in your daily life. With the economy heading through a bumpy road, it is important to save up for unexpected manners. In this article I will introduce a way that you can watch your finances at home so you can be prepared for the absolute impossible. We will be talking about budgeting and a trending way to budget in today’s time.
Now why should you budget, you ask? Well, budgeting can help you out of a rough spot and if you are the type of person who likes to know how much they have to spend then budgeting is a great thing to get into. With budgeting you have a better understanding about where your money goes and where it should be going. Many people have said that this was an eye opener for them as they were stuck in the constant spending cycle. In the following paragraphs you will get a better understanding of what they mean.
In this article we will speak about
- Statistics and facts about money saving
- Tools that you will need
- Tips so you can keep on top of the game.
- Statistics And Facts About Money Saving
Now statistics that were recorded by Livia Gershon over at CreditDonkey have explained the number of U.S citizens today who actually budget, and you will be surprised at these percentages.
Did you know that only 32% of U.S households today do monthly budgeting? In other terms only 38% of college students practice budgeting and only 26% of high school attendant’s budget monthly. And out of everyone who budget only 70% actually check their budgeting records! Surprising right? Well, do you know where your money is going? If you don’t then chances are that you spend way too much, in today’s lifestyle you will find yourself spending a lot of your money on things like entertainment and fast food or things like bills and unexpected events. Keep reading and I will tell you how to be an effective Budgeter and how to not fall into these cycles.
- Tools that you will need.
If you want to watch over your finances in an easy and simple way, then look no further because I have the knowledge you are looking for!
You may have already seen multiple videos on it from different social media apps or maybe even a family member or friend spoke about it. I am talking about the famous budget binder that has taken the finance world by storm! If you do not know what a budget binder is, then a quick explanation would be in order.
A budget binder is a binder where you can store all your financial information and your cash. Usually, you will see it separated by little plastic folders in which you store your money. Sometimes they are labeled with things like: Vacation, Bills, Internet or even housing. Do not feel limited though! A budget binder can be labeled and decorated as you wish so, there are endless possibilities.
A budget binder is known to help you store money physically in one place so you can keep a record of these incomes and expenses. Basically, you plan out how much money you want to go and what it will be used for. This can be paired with a budget planner which helps you plan your budget. And it’s so simple! All you need is a budget binder which you can buy from amazon or a small business, (you should look for one that comes with all your needed supplies) and then get your money and plan it out effectively.
- Tips that will keep you on top of the game.
You have finally got a better idea of budgeting and why you should do it plus, what supplies you will need. So, I will leave you with one last piece of advice. When budgeting, make sure you put at least 20% of your paycheck into this if possible. List and plan what you have to pay whether it be debt or sink funds. Then when you are done with that continue to keep track of your income and your expenses and you too will see the financial world in a new light.
Keep on progressing and I hope you have a blessed Year.
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