Budgeting is about focusing our spending on things that truly bring value to our lives. With all the demands of daily life, it can sometimes get confusing to make sure our spending is in line with our values. These 5 budgeting tips will set you up for success and keep you in control.
1. Cancel Unnecessary Subscriptions
Subscriptions are a part of the way we run our lives. We’ve all been there with good intentions of cancelling a service when we no longer need it only to end up forgetting all about it. Those subscriptions add up and it’s easy to forget how many you have.
Get the most out of this budgeting tip by taking a second to look as your expenses come into Weekly. If there is a subscription you are no longer using take a second and login to the service and downgrade or cancel your account. Another tip for Apple users, you can see all the apps you are subscribed to and manage your subscriptions by “Settings”, tapping your name and then tapping “Subscriptions”.
2. Automate Your Savings
We usually think of savings as anything that’s left over but this mindset leads to more spending. Setting aside some money for emergencies and large purchases should be a priority. Budget for your savings first and end up saving more. Take a second and think hard about what your long and short term goals are and then set up funds for them.
Inside of Weekly, you can set up a savings fund for whatever you want to save for and this amount is removed from your Safe-to-Spend so you won’t accidentally spend it. You can also mimic what is happening inside of Weekly by setting up automatic deposits into your savings account directly from your paycheck. Use this budgeting tip and grow your savings with minimal effort and feel the satisfaction as your savings number grows.
3. Do A No Spend Week
Treat your spending like a game for one week. Challenge yourself not to spend on anything outside of your fixed necessary expenses. See how much money you can save if you lean in for a little while.
You’ll need to identify what your regular expenses are. Housing, utilities, insurance, medical expenses, and transportation costs are some expenses that you probably shouldn’t try to go without. Make a list of these expenses and don’t spend on anything else. (If you signup for Weekly, defining all these expenses is the first step in getting the app setup.)
If you are a Weekly user this can be the thought of keeping your Safe-to-Spend as high as possible. At the end of the week, look to see how close your Rollover is to your original Safe-to-Spend.
4. Maintain What You Own
There is a difference between being good with money and being cheap. A cheap person’s only focus is to not spend at all, even if such behavior ends up costing more in the end. Sometimes spending a little can save you a lot in the long run.
Take care of the things you own with proper maintenance and extend the life of your items.
- Regular tune-ups and oil changes on your vehicle will help keep it running longer while cutting down on costly repairs.
- Keeping on top of the maintenance schedule on your HVAC system can keep it operational and efficient, while reducing your energy consumption.
- Have gutters and downspouts cleaned at least once per year to prevent water damage to your home.
- Keep any trees on your property maintained and reduce the likelihood of fallen branches causing damage or possible injury.
5. Budget on a weekly basis
Budget on a weekly basis! Of course this is our favorite recommendation given what we do! But truthfully,since we base our lives around weeks, it can be difficult to keep track of what has been spent and can be spent all month. Breaking up what you can safely spend on day-to-day items from a monthly number to a weekly one helps smooth everything out and can help you be aware of habits that are effecting your money. Budgeting weekly also has a the effect of bringing a level of peace to your whole outlook and keeps a check on emotional spending.