This is a collaborative post by Ellie Jo with tips on budgeting.
Money is something we all worry about. There’s something about money that makes people fly into a panic from time to time, and some of us have a lot of trouble with staying on track with financial goals and targets. It’s hard, of course! It’s hard to ensure that you’ve got enough in the bank and enough in your hand to spend on the necessary items for a healthy and happy life.
But before you get too worried about your lack of budget and budgeting options, we’ve got a handy post for you. You want to craft a budget that’s good for you. And not just a good budget, a great one! Handling your money right can be tricky, and it takes a bit of a risk here and there. Even just walking into a store and asking for their customer coupons can take the wind out of you, despite your right to use them!
Tips for Creating a Great Budget
Prioritizing Debt and Any Credit Loans
It’s the first thing you’ll need to do to make sure you’ve got a great budget on hand. You see, if you’ve got some debts to get rid of, you’ll need to ensure the repayments are at the top of your list. And if you don’t have a repayment schedule, or a repayment consolidation program to follow along with, it might be time to look into your options here too.
You’ll want to unsaddle yourself, before anything else, simply to ensure that your budgeting options go up in the future. As well as this, it’s important for your credit score too, which affects any future credit options, and even your job prospects.
Taking Your Banking Benefits into Account
The bank you’re currently with might have some benefits for banking with them – you might have a great interest rate on your savings account, seeing as you’ve not touched the money in there for quite a while. You might have cashback on a card you’ve taken out, that allows you to garner rewards in the form of money and/or membership points. You might have even looked up some Green Dot reviews, and be thinking about moving your money over to take advantage of certain overdraft benefits.
And when crafting a great budget, you need to take these factors into account. When you’ve got cashback rewards to help see you through the month, sometimes it’s better to spend a bit more on your weekly grocery shop to ensure you get the real benefits. Think about it.
Trying to Stay Realistic About Your Money
Of course, if you don’t have the money to put away into your savings account, you’re not going to be able to build it up at the moment. It’s time to accept and acknowledge that – you’ll have a workable budget to base your financial goals off of.
Your budgeting options can turn into great things. When you think about it, you’ve got a lot of experience in handling money, and it’s possible for you!
This is a blog post in a series of budgeting topics from the Austin budget blogger, Cha Ching Queen.