Live saving budgeting tips

7 Life Saving Budgeting Tips from Famous Personal Finance Bloggers

Posted on Posted in Advice

Having a good budget can save you from running out of money and helping you to save more for future. The vital step is to create a feasible budget according to your expenses. We have brushed through numerous financial blogs and combed through the best financial budgeting tips for you.

1. Getting used to budgeting

“The goal of budgeting is to keep in tune with your spending and don’t overdo it. Instead, treat it like an exercise plan or a diet – you gradually become fitter as time goes on and the budget begins to feel more normal in your life. Eventually, the little changes will become natural and you can take the training wheels off.”

-Trent Hamm, The Simple Dollar, “How a Simple Budget Helped Me and Can Help You Too”

2. Why your budget may be failing

“Pad your budget a little, and be ambitious as well as realistic. Cut back in a few areas at a time, rather than trying to completely overhaul your lifestyle all at once. While having a big surplus at the end of the month looks great on paper, if you can’t pull it off in practice, it’s an exercise in futility.”

-Jacqueline Curtis (of How Not to Dress Like a Mom) for Money Crashers

3. Identifying wasteful spending and changing your paycheck-to-paycheck lifestyle

“Look [through your spending] for items that don’t fit with your values and priorities. All these items are “waste” that can be trimmed from your budget. Sure, spending can be fun. But you need to ask yourself if the fun is useful long-term or just a quick thrill. I’ll tell you, those quick thrills end up being a debt you have to pay later on.”

-Glen Craig, Free From Broke, in “Your Four Step Guide on How to Stop Living Paycheck to Paycheck”

4. Budgeting for food

“Life changes, and so our budgets need to change too. For this reason, it’s a good idea to analyze your budget at least on a quarterly basis to be sure that the allotted spending categories are working for you.”

-Laurie Blank, Well Kept Wallet, “7 Common Budgeting Mistakes”

5. A “save first” budgeting system

“I can’t save” is a mental block, not a logistical one. If you lack confidence in your ability to be resourceful, committed and creative, you might adopt the belief that you can’t save. This is a psychological barrier, not a mathematical one.”

-Paula Pant, Afford Anything, “Take the One Percent Challenge”

6. Making a budget that works

“…Be realistic about everything. Be realistic about what you make and what you spend. If your income or expenses fluctuate every month or week-to-week, be sure to find a comfortable average for your budget and what you are looking for in your budget.”

-Michelle Schroeder-Gardner, Making Sense of Cents, “Does your budget suck?”

7. Budgeting when you’re broke

“If you’re in a situation where you really are broke, and where it’s difficult to pay the bills on time, you need to make a plan that will allow for more income or fewer expenses so that everything due each month can be paid and paid on time.”

John Schmoll, Frugal Rules, “How to Budget When You’re Broke”

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