A Woman’s Guide to Staying on Budget No Matter What

November 8, 2022 by Erin

Sticking to a budget is an essential part of financial health. If you know exactly how much money you have and where it is going, you won’t have to worry about overspending. However, it can sometimes be difficult to stay on that budget. Here are some tips for women to keep you on budget no matter what.

Make a Clear Budget

If you don’t know how much money you have, then how will you know if you spent too much? You need to be clear about your financial picture. Take some time to gather all of your income and expenses, then mark them clearly on your budget sheet. Make sure that it is in a format you’ll be able to understand clearly when you look at it again next month. Without a clear budget, you won’t be positive that you have enough money for your expenses. This can lead to a domino effect where you have to take money from one bill to pay another. Businesses will sometimes use a factoring service, which will cover invoice payment gaps at up to 90% of the original invoice amount. However, you don’t have this option as an individual, so make sure that you know your budget thoroughly.

Skip the ATM

ATMs are a very convenient way to get cash when you need it. However, they come with fees that can end up costing you a surprising amount of money. Plus, having cash on hand can make it more tempting to spend money on unnecessary purchases. ATM users spend 20% to 25% more in convenience stores alone. This money adds up quickly and can easily get you off budget. Instead of using the ATM, get your cash ahead of time from your bank’s branch. Even if you do use the ATM there, you’re unlikely to have fees. But if you take out a specific amount of cash, then you know what you have and you won’t be able to spend beyond that.

Keep Up With Home Maintenance

Home repairs can be expensive. While you should budget for maintenance and home emergencies, you should also try to avoid unnecessary repairs by keeping your home in good shape. Inspect the interior and exterior regularly. If there are issues, try to catch them when they’re small. That way, you can do the work yourself or pay less for repairs. If you neglect home maintenance, you may end up paying much more money for repairs or replacements. For instance, research at BuildDirect suggests that homeowners pay between $1,533 and $3,470 on wood fencing. If you maintain your current fencing, you won’t have to worry about this.

Give Yourself “Fun Money”

One major reason people get off budget is that they have the opportunity to do something fun. You can avoid this by giving yourself a certain amount of “fun money” that isn’t earmarked for anything in particular. This is the money you can use to buy takeout or go see a movie with a friend. The amount you’ll be able to spend will depend on your income and budget, but this is a necessary component of staying on budget. You’ll know exactly how much money you have to spend and you won’t feel guilty about using it.

Your budget is absolutely essential to your finances, as is sticking to that budget. When you get off of your budget, you can end up in debt or get in trouble with your bills. If you’re a woman looking for ways to stay on budget, these tips will give you some strong habits to develop. Apply them to your everyday life and you can stay on budget, no matter what.

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