HOW TO START BUDGETING
How I Saved Money And Bought Holiday Gifts for My Family
learn simple tricks to save money
Have a budget… even if you are rich!
I know most of us have a target to reach $10k per month. But that doesn’t mean we should spend money carelessly!
Earning money requires time and energy which once gone… aren’t coming back!
We all are locked up in our four walls working on our businesses. Most of us have more than 2 businesses. And chances are that many of us handle them ALL ALONE.
My grandfather used to say — “Throwing money on useless stuff is easy while earning is not.”
So here are some tips I learned from my grandfather on budgeting. This timeless advice has helped me a lot during my financial crisis and hope this will help you as well.
Money Advice from My Grandfather —
- When buying groceries, pay using cash — I used to have a bad habit of paying using my cards. It was only when I looked through my statements, I realized how much money I had wasted on buying stuff that I didn’t even need. Specially BUY ONE GET ONE FREE products. I have seen people often filling their carts with heavily discounted junk food. If possible, I try my best to make a list and carry the required cash before leaving home.
- Do exercises at home with free equipment— Fast food, especially burgers and rolls were part of my daily diet. The result — I gained weight, hair loss, pimples. I was physically weak as well. I was tired all the time. I joined the gym on my friend’s advice. And I think I made a bad decision. The fee was around $100 at that time. I went to the gym only once because I realized later that lifting is not my thing. Later I started doing Yoga again. Walking helps a lot. If you are not a gym person like me then Yoga and long walks, skipping help a lot. It’s free and easy.
- Eating out will keep us poor — I think we all know this by now. I prefer homemade meals more than eating out. I try my best to invite my friends and family at home rather than going out. Homemade meals are clean, healthy, and cheap. I do go out but not as often as I used to.
- I don’t buy discounted products anymore — We see malls and big stores often run mega discounts on their products. “Buy one get one free” & “50% discount” often look harmless but I have ended up buying stuff I don’t need. When the need arises, I pay full price now. My aunt doesn’t like this but this has saved me a lot of money. More money and less useless stuff in my home.
- This is timeless advice — Save at least 25% of your monthly income. During holidays it will be tough. But on other days, make savings your priority.
Conclusion
I’ll end this here! Recently I have started budgeting too. We all fall into the trap that making $10k per month will solve our finance problem but in reality, it’s not.
You won’t get out of this rat race unless and until you are good with your finances. If possible learn a little investing. Also, make sure you track your finances from time to time. Here is an easy-to-use Ultimate Budget Sheet to track your hard-earned money.
I hope after reading this, you’ll save more for yourself and your family.
If you are interested in Gumroad Business then you can check out my ebook — Build Once, Sell Forever — How I Create & Sell Digital Products With Gumroad
