Budgeting Tips for Millennials
When we read budgeting and saving money, sometimes, we dread about the idea. For millennials, budgeting is important if they wanted to make most of the things they want to experience. With all the travel guides and plans out there, it is no surprise that most millennials don’t have the money to experience all of it.
Honestly, we are also just starting out as partners. But as an individual, this is the tips that are proven to be effective. For me as well as the people that I suggested with the plan that I gave them.
Budgeting Objectives is a Must
The question that you must answer is, “I do I need to budget?” Is it for your next trip? A new car? Or just to make a long term investment? Remember, Budgeting for the sake of just saving money is not a proper budgeting at all. You must have a good goal in mind as to why you need to save that money.
The point is, whatever goal you have in mind why you budget, you must meet that finish line. If you can’t reach that at all, then you are doing something wrong.
Remember that your ultimate goal is to save money for your goal. After getting your hard worked income, save money first. What I do is that I save at least 25% of my income before anything else. Or at least a thousand peso every cut-off. And the important thing is that I deposit the money into a bank I know I can’t withdraw easily.
Additionally having different bank accounts can help you by a lot. One for emergencies, one for investments, and lastly, one for travels. In that way, I know that I can accomplish the goals that I wanted to reach.
Be Around With People With the Same Budget
Being with the people who has a tight budget, or those who choose to spend less can help a lot. Remember, the less you spend, the more you can enjoy the perks of your discipline. And being with those kinds of people can be the best blessing you’ll ever have in life. Because they are the people who have a goal in mind why they spend less.
Want to know more? Visit this post: Budget Tip: Be Around With People With the Same Budget
Allocate Money For Your Everyday Actions
Does your every day involve shopping and a lot of coffee times at an expensive bar? Don’t bring a lot of cash with you, nor your ATM Card or credit/debit card with you all the time. A good amount of cash that you know will keep you moving for the whole day will do.
If you need to eat for lunch, you can bring out your own lunch box to save money for an expensive canteen or restaurant costs. Cooking for your own lunch can be a lot of help in budgeting, plus you can eat homemade food to boot.
Track your Income, Expenses, and Saving Regularly
The one sure way to know if you are doing it right is to track them. Looking into what you have spent in a week, plus the income you received, determines your savings. If you have reds and minuses on your record, better change the way you think now. No matter how small, savings is savings, and budgeting it right helps a lot. Tracking what you do with your money regularly will put a discipline in your mind.
At the end of the day, whether or not you reach your goal is up to your discipline to really save. Do you really want to go on your next trip the soonest as possible? Do you want to drive within the next few months? Eat good food once in a week? If you really want it, you will find a way to save money through proper budgeting. Remember, this is only some suggestions and it might not work for all. But having an idea on how to budget will give you some boost to finally keep that coin into your bank. Whether it for long term investment or for the things you want, budgeting is one the essential skills in life that you must possess.