• Home
  • About
  • Advertise
  • Contact
  • Policy
  • Guest Post
  • Archive

One Cent At A Time

A Personal finance blog to get rich

  • Email
  • Facebook
  • Pinterest
  • RSS
  • Twitter
  • Beautiful Life
  • Becoming Rich
  • Beginners Guide
  • Extra Income
  • Productivity
  • Saving Money

Ten Budgeting Tips for Securing Your Financial Future

January 21, 2012 Leave a Comment

Share this:

  • Tweet
  • Email

These are 10 more tips on budgeting, in addition to previously posted  10 tips for creating a budget. If yo new to budgeting concept, here’s an article on how to create an annual budget.

Budget tips

Many people view budgeting as a painful process, but most will also admit that it is a necessary evil. The most challenging part of a budget is sticking to it, not so much the planning and developing of the budget itself. Here are ten budgeting tips that can help you secure your financial future.

1. Keep It Simple

Budgets do not have to be overly complicated in order to be a successful debt management tool. Record spending habits, expenses, and income. You can use one of the many software programs available or you can use pen and paper.

Pick the one you feel most comfortable with and save your frustration for when you realize you can’t buy those new shoes or tools rather than on the software program you can’t figure out how to use.

(Related – Why Do Personal Budgets Often Fail?)

2. Use as Accurate Figures as You Can

Try to plan out your budget for one year, including anticipated expenses like car maintenance, property taxes or home repairs that may only happen once or twice a year. Try to project expenses as accurately as possible. This will allow you to adjust your budget as necessary. Once that is completed, prioritize your bills and expenses.

If you are in the UK and want to be in the market for a new home, you need to factor that in your budget before hand. There are various Emortgage calculators available that can help you achieve that.

3. Include Financial Goals

Whether your goal is to go on your dream vacation, buy a new car or pay off old debt, include it in your budget and a plan to save for it. It can be helpful to create a secondary savings account that is used solely for savings related to your goal.

You can then determine how much you can afford to put aside towards your goal out of every paycheck.

4. Include an Emergency Plan

You should also include a plan of action in case you ever lose your job, your family is reduced to a single income or an unexpected bill occurs. Set aside money each month that is used for emergency purposes only. It is essential you build a buffer for emergencies into your budget.

5. Categorize Expenditures

It can be helpful to divide your expenses into two separate categories. One category is for your fixed expenses, ones that you can anticipate every month, that have to be paid and usually have the same amount due every month.

Some examples would be your mortgage or rent payment, car payment or insurance. The second category would be variable expenses that may change month to months such as cell phone bills, cable, the internet, utility bills and you should also include expenses like clothing, gifts, groceries and credit card payments.

6. Look for Possible Cuts

Once you have your expenses categorized, you can go through and look for ways to cut back on spending in order to increase the money you put towards your financial goals and to you your emergency fund. Read what is an emergency fund and why we need it.

There are many ways in which you can cut spending when you really sit down and look such as switching to a cheaper cell phone plan, bundling your cable, the internet, and phone package, turning the cable off altogether in exchange for watching movies or TV shows online or see in if you qualify for better interest rates on any loans.

7. Settle Old Debts

One item that should always be included in your budget is all debt that you owe and a game plan for paying off your old debts. Debt settlement may be something you want to consider as a legal way of reducing your debt. Debt settlement can help you avoid bankruptcy and pay off your debts faster.

8. Keep a Cash Spending Record

Carry a small notebook with you and write down every time you spend cash, even down to the candy bar you had after work. Keep this journal for thirty days and you may be surprised at how much you nickel and dime yourself each month.

9. Determine if Loan Programs are Right for You

Whether you are overwhelmed by credit card debt, student loans or medical bills, there are many loan consolidation programs available that can allow you to pay one monthly payment in exchange for multiple payments.

10. Keep a Good Attitude

Keep your attitude focused on the positive. Rather than looking at budgeting as a chore, look at as a way of getting a handle on your finances and a way to secure you and your family’s future.

LIKE THIS POST?
I agree to have my personal information transfered to MailChimp ( more information )
Join our community of 8000+ subscribers to increase your net worth and build wealth
We hate spam. Your email address will not be sold or shared with anyone else.

Share this:

  • Tweet
  • Email
The tool that changed the way I manage my personal finance - Personal Capital, The Best Free Personal Finance Tool

Want to start a WordPress blog now? The onecentatatime.com blog is hosted by Siteground Web Hosting. For only $3.95 a month, Siteground can help you set up and host your website/blog quickly and easily.

About the Blogger Hi I am SB, a personal finance enthusiast with a career in software development. I am an immigrant to the USA since 2005, after being born and brought up in India. This 40 something technocrat lives and breathes personal finance whenever he gets time from the day job, job as a husband and a dad

Some links on this page may be affiliate links, if you make a purchase following the links, I may earn a commission. Read affiliate disclosure here
« 5 Obsessions Towards Financial Freedom and Becoming Rich
8 Tricks to Get Cheap Flight Tickets »

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Create your own blog in 20 minutes and $20

Personal Capital, a free tool to change your financial health today

I use and suggest Upstart, for your personal loan need

CreditKarma, a free tool to check your credit scorey

I use Coinbase, for my crypto investments

101 Cents at a Time

101 Ways to Earn Extra Money on the Side
201 Frugal and Perfect Birthday Gifts
101 Ways to Save Money Everyday
101 Ways to be Better and Successful at Work
101 Ways to Save Environment and Energy
101 Frugal and Romantic Anniversary Ideas
101 Low-Cost Men's Fashion Ideas
101 Personal Finance Tips
101 Ways to Reuse Household Stuff
101 Things to Do, When Nothing to Do
101 College Graduation Gift Ideas
100 Tips for Ecommerce Startup
101 Ways to Enjoy Indoor During Winter
101 Ways to Beat Procrastination

Popular Posts

Quick Cash - How to make $100 legally, in a day
Living well on less than $15,000 a Year
Top survey sites for side income
What to do when auto repair goes wrong
Where should I invest my money now?
20 Ways to be productive and happy at work
51 Ways to get out of debt
Be a better person in 15 days, 15 ways
Income ideas for retirees and senior citizens
51 side jobs for college students
Urgently need a large amount of money?
Should I buy or should I rent?
Best Personal loan providers
25 Ways to save environment
25 DIY car repairs to save money
How to decorate office cubicle
How to show your wife you care
50 Financial Rules for Success
51 Frugal weekend family activity ideas
Become Rich By Saving 1 Hour Of Daily Wage
How much do I need to save for retirement?
How to negotiate your salary

Follow us on FaceBook

About Author

SB

Blogger by choice and IT manager by profession. Finance is my passion and gardening is my greatest satisfaction. Born in India, settled in US, Husband and a father. I created this blog in 2011 with a vision to help others. Thanks for your patronage. More info on my "about" page.

View all posts


Subscribe

Join our community of 5000+ subscribers to increase net worth and build wealth

Advertisements

Personal Stories

How I got a new HP computer replaced
Was COVID circulating in USA in fall of 2019?
How my credit score went up 800+
Why I didn’t invest in Bitcoins
How I controlled impulses to buy things
Why this blog is named One Cent at a Time

Subscribe via Email

Site Disclaimer

Disclosure of Material Connection: Some of the links in this web site are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Read full Affiliate disclosure


One Cent at a Time is published by SB. The opinions expressed herein by him are his own and not those of his employer or anyone else. All content on One Cent at a Time is for entertainment purposes only. By reading this blog, you agree that SB and/or One Cent at a Time is not responsible for any actions taken after reading this blog. For the full disclaimer, click here .

Major Media Mention

One Cent at a Time Media Appearances

Copyright © 2023 One Cent At A Time · Designed by Nuts and Bolts Media