Whether you have thousands of dollars in the bank or you are living paycheck to paycheck, at some point in your life you will be living on a budget. Today’s society seems to be geared toward spending, spending, spending. Everyone lives outside of their means, no matter how large or small their bankroll is, and the more money you make, the more comfortable you become with accumulating debt. This was my life 6 years ago….no budget and mounting debt. But today, after sticking to a budget, we are debt free and still closely following our budget.
The smartest thing people can do for themselves is to create a budget and stick to it. Unfortunately, “budget” has become a sort of four letter word. It means you cannot just buy that designer purse on a whim because you think you deserve it. Or does it?
What budgeting really means is planning for things in advance. You can buy that designer handbag but you have to build it into your budget and there are different ways to do it.
Make a plan to set aside a specific dollar amount that is well within your means, and save up for that special item or just start a rainy day fund. This could include $10 a week or $100, as long as it does not take away from the regular bills you have to pay and the groceries you need to feed yourself.
Watch for sales. Nothing feels better than buying that thing you have wanted for so long and paying less than everybody else. Whether you are rich or poor, living on a budget means being smart with your money and buying on sale is always an intelligent way to spend.
Take the time to look for coupons. Coupons are a fantastic way to keep your budget healthy. You can find coupons in the store, in the newspaper, in the mail, and online. Mix, match and combine with sales.
Were you aware that several articles have been published illustrating that households in the $100,000 income bracket are twice as likely to use coupons as those in the $35,000 or less income bracket? You just need to remember that, no matter your financial status, you can help yourself to become debt free by living on a budget.