Budgeting
is a fundamentally important skill you need to use especially now. It guides
your overall personal finance and influences your daily lifestyle. Budgeting is
like a compass for your spending habits. It makes certain that you will always
have enough money for the things you need and the things that are important to
you.
The
importance of learning how to make use of a budget is a financial lesson that
cannot be overemphasized especially at a time like this and
So, if
you’re ready to manage your finances through budgeting, this post is for you.
Let’s
get started!
1. Save
before you spend.
The
ultimate purpose of budgeting is to help you keep more of your money. So you
should save money before you spend any. If you want to get the most out of your
budget, determine a specific percentage of your income that will go to savings.
Then, when you make any form of income, deposit that percentage of money into
savings before you spend on anything.
Save
money first, and live off of whatever is left. Rather than spending first and
saving whatever is left over.
2. Automate
Your Savings Plan
remembering
to save can be a struggle. Automating your savings is an easy way to implement
your savings plan. Schedule automatic transfers to your savings to build your
emergency fund. You can open any UBA savings account and set up automatic
transfers on specific days, preferably payday to build for the future. This
ensures that you're saving instead of spending and over time, help your money
grow steadily.
3. Use
One Spending Account
The
more accounts you have to keep track of, the more complicated budgeting
becomes. So if you are married it is likely that each of you have multiple
credit and debit cards and this can make budgeting can become a complete mess.
To
avoid trying to keep up with expenses and to maximize your budget, use one
debit card like the UBA prepaid card for spending. This way, you are both able
to merge budgets, add expenses to your budget and keep track of your spending
as a team.
4. Plan
for Emergencies
Emergencies
don’t come with advance notice. It just shows up and you want to be prepared
for them. When it comes to budgeting, you cannot take emergencies out of the
equation. This is the time to set aside a part of your overall budget for
anything that can happen. Under no circumstances should you neglect
emergencies. Unexpected costs can include things like a long hospital stay due
to an injury, theft, your phone falling down and breaking, etc. Chances of
these things happening are not high but they happen anyway and sometimes can
happen all at once. You need an emergency fund separate from your main savings
account to help you deal with these problems when they come up.
With so many unexpected surprises waiting to
sneak up, your first line of financial defense is your budget. Whatever stage of
life you are in, budgeting should play a large role in your finances.
Hopefully these budgeting tips will help you
get the most out of your money and ready for whatever the year may bring on.
#WeAreInThisTogether
Very informative and enlightening. Thanks so much.
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