Did you know that the average American’s savings account balance is $3,500? That might sound pretty decent, but another fact is, 39% of Americans don’t even have $400 in the bank!
For many, it’s tough to save up because they can’t stick to a budget. If this is your problem, then you’ll be pleased to know that there’s some hope.
If you want to learn how to stick to a budget, then keep reading. We’ll show you how to have more money in your pocket!
Budget on a More Granular Level
Most people budget by the month. But by creating a weekly budget, you’ll have more control over your money!
For example, let’s say you have $400 a month to spend on entertainment. Without a weekly budget, you might quickly spend that $400 within 1.5 weeks.
But if you allocate $100/week instead, you’ll most likely find yourself with an excess at the end of the month! With this, you can either spend more on a big purchase or pocket it for a bigger budget next month.
Use Cash, Not Credit
When you swipe plastic, it’s very easy to forget just how much you have to spend. Even if you don’t have credit cards and only a debit card, swiping that card often will likely put you under budget.
When you figure out how much you have to spend per category, withdraw cash and put it into separate envelopes. For instance, if you go grocery shopping, pay for things from the “grocery” envelope.
When you’re paying with physical cash, it’ll be easier to reign your spending in. Just make sure you don’t just bust out the credit card or hop to the ATM when you run out of cash in certain envelopes!
Track Your Spending
Even if you go cash-only, it can be difficult to see where all your spending is. So it can be helpful to track your spending.
You can easily do this by downloading one of the many apps available today. All you have to do is input data each time you spend money, and the app will generate a chart for you.
From here, you can see how much you’ve been spending and where. You can then adjust your spending accordingly.
Use a Forecasting and Reporting Tool
If you’re having issues sticking to a business budget, then make use of a forecasting and reporting tool (or two). Oracle NetSuite is a good one since it gives you thorough “what-if” scenarios and many paths to take so you can stay within your company budget.
When you’re able to save in all aspects of your life, including at your business, you’ll enjoy less stress!
Stick to a Budget With Our Tips
We know it can be tough to stick to a budget. But with a little bit of help from this article and some perseverance, you’ll be able to see your bank account balance rise. And with enough time, you’ll have enough to cover a rainy day or make a big-ticket purchase!
If you liked our tips for sticking to a budget and need more financial advice, read our blog page now!