Tips on How To Budget Your Income in 2018 - TeknoGadyet
Vivo Philippines
Vivo Philippines

Post Top Ad

Post Top Ad

Saturday, January 20, 2018

Tips on How To Budget Your Income in 2018

Saving up money and stretching out your budget can get tough at times. There are so much things to buy, so many places to go to and so may food to consume.

Tips on How To Budget Your Income in 2018
Tips on How To Budget Your Income in 2018

Year after year, people make a New Year's resolution about saving up, but fail or give up in the middle of the year. Fortunately, Home Credit got you covered with 6 tips to budget your money in 2018.

1. Track Your Spending - It may sound like an exaggerated thing to do, but it is an effective way of saving up. You can ask for receipts every time you purchase something so that you can easily make a log of your daily expenses. From that, you can determine what you can change or omit from your expenses.

2. Have a Slush Fund -  Having an emergency fund is something that you don't think you need until something comes up. Having a slush fund will allow you to be ready for any emergency situation and will stay you away from any crippling debt.

3. One Thing at a Time - Focus on something that you really want to invest in or buy instead of trying to buy everything all at once. You need a new computer? Car? House? Smartphone? Just whatever you feel is more attainable and realistic first. Then save up for the other things that you want.

Also Read: Home Credit Reveals Increasing In-Store Installment Financing Popularity

4. Stay Away From Boredom Shopping - Most of us has experienced this. We are bored out of our minds and we either decide to go to a mall or browse online. Then out of the boredom that you are in, you impulsively bought a new vacuum cleaner. Or a mop. Or a pair of slippers with bunny ears. This is an easy way of losing your money, Stay away from boredom shopping!

5. Make a List - This is the most essential part of a budgeting strategy when you list down how much you earn, then list down your monthly utility bills and needs, then some of your planned purchases. You can easily decide on how much you are going to end up saving for a particular month.

6. Look for Installment Plans - Sometimes it is really hard to let go of a huge amount of money when purchasing something like a phone or laptop in cash. To make it lighter, you can choose to have an installment plan like what Home Credit offers. You can reward yourself with the device you want in an easier monthly installment plan with 0% interest.

There is no easy way of saving up money. Sacrifices and lifestyle changes must be made if you are really serious about saving for the future.  All these tips come down to a simple principle; prioritize your needs over your wants.

No comments:

Post a Comment

Post Top Ad

Advertise With Us
close
OPPO F7 Pre-order