Whether we’re talking about an up economy or our current economy it always makes sense to save money. One of the easiest ways to save money is to use a monthly budget, and fortunately today, there are many different ways to develop a budget.Budgets can be written down on paper, entered onto a spreadsheet, budgeting software, or even added onto your favorite mobile device app.
However if you’re like most, the difficult part of creating your budget is simply taking that first step. This usually entails blocking off some time to gather any documentation relating to your monthly earnings and expenses. The next step is calculating your monthly expenses, earnings, and surplus (or deficit) so that you can have a better idea of how your finances look on paper.
Once you’ve completed your actual budget the next things that you will need to do are committing to your budget and looking for ways to consistently stretch your budget. Two of my favorite ways that do this are:
- Daily Expense Tracking. Write all of your daily purchases on a notebook, a sticky, or in your cell phone so that you can come back to it later to compare your actual daily expenses to your budgeted daily expenses.
- Saving money. If you were conservative on estimating your regular required purchases, then you’ll find that taking the extra time to research your purchases will ensure that you’re getting the best deals. This gives you a chance to consistently spend less than what is on paper. The difference between the two is your savings-which you get to put aside for a rainy day or even splurge on something nice!
“…Can you tell me, off the top of your head, how much money you’ve spent today? Do you know how much you have left for the rest of the week? We each have a number, but most of us don’t know what it is…”
Wood’s statement would certainly seem to reinforce the importance of tracking your spending. One thing that having a budget will not change, however, is the fact that no matter how much you keep track of your finances you’ll have to spend money. What it can change is HOW you spend your money.
The good news is that Rock Bottom T-Shirts has been in the business of helping families get more out of their budgets since 2008. Besides offering over 200 items at everyday low prices, we also help our customers save money by regularly offering coupons as well as sharing our latest specials through our Facebook Fan Page and our mailing list.