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10 Tips to Improved Personal Budgeting
Matt Shupe
$Clip coupons. This is the single most important
rule of personal budgeting. Why? Simply because a few minutes spent
clipping coupons could end up saving you multiple dollars in the
checkout line.
$Buy in bulk. If your favorite products are on sale, buying in bulk may
cost you more at present but could end up saving you a lot in the
future. Some good examples are items that do not have an expiration
date, such as soap, shampoo, toiletries and other household items.
Canned foods, which carry a long expiration date, are also ideal for
buying in bulk.
$Saving your change can be a great help in your quest for personal
budgeting. You would be surprised how quickly change can add up and,
even if it’s $50 or $100 per month, your coins can add up to some
serious cash. Many people discard their coins or simply toss them around
without thought, but saving them in a bowl or dish will help a great
deal when it comes to personal budgeting.
$Put a portion of each paycheck into a savings count each week or month.
Whether it’s a few dollars or several hundred, always make sure that you
are putting aside some amount of money into a savings account. If
possible, deposit 10-20% from each paycheck.
$Avoid impulse shopping. This type of buying is what ultimately leads to
buyer’s remorse. In order to avoid it, think about what you want to shop
for and make sure that you avoid any last minute additions unless they
are absolutely necessary or you can afford them without being in a
crunch.
$Shop the sale racks. Everyone enjoys sprucing up their wardrobe now and
then so, when it comes time to add a few new pieces of apparel, stop by
the sale rack for big savings. There’s nothing wrong with keeping a few
extra dollars in your pocket, which can be later be used for life’s
little essentials.
$Avoid using high-interest credit cards unless you can repay them within
six months. Otherwise, you are more likely to get swallowed up with
interest and end up paying for the original purchase several times over.
$If you do use a credit card for purchases, try to use one with an
introductory APR or a regularly low interest rate. This could end up
saving you big bucks every month and also in the future, which is one of
the most important rules to personal budgeting.
$Request free samples. A number of websites, including StartSampling.com
and WalMart.com, offer customers the opportunity to request free product
samples of certain items. Everything from skin lotions and shampoo to
dog treats and household products are up for grabs to all who ask. In
addition, many manufacturers offer free samples of new product releases
directly through their own website.
$If you find yourself in increasing credit card debt, call the creditor
and request to be placed on a hardship program. This type of program
allows for lower interest and smaller payments for a specified amount of
time. Depending on the creditor, it can be in effect for several months
or until the balance is paid in full. This method will not only help
your immediate personal budgeting, but will also give you additional
financial freedom in the future when the debt is paid in full.
Article Directory:
www.articledashboard.com
The author is a regular contributor to
My Budgeting Tips where more information about budgeting and
budgeting software is available.
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