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Tips for Staying on Budget

Tips for Staying on Budget

Here are some tips on staying on saving some money and staying on budget

Use Cash Take out enough cash to last one week at a time. Make up your mind that the cash you have is all you get for discretionary expenses, or things that you could live without, each week. It’s much easier to turn down a $60 pair of shoes when it will take the last of your week’s cash than it is when you just have to swipe acredit card.

Pay Down Debt If you have credit card debt, you m.ay feel like it’s going to take forever to pay it off. But you can get ahead by choosing one card — ideally, the one with the highest interest rate — and paying as much as you can on it every month. If you have other cards, pay the minimum balance on those until you’ve paid off the first card. Then, choose the next card and pay extra on it while you pay minimums on the others. If you pay only the minimums on all your cards, you’ll be paying a lot more in interest than you may realize

Balance Your Checkbook Do you balance your checkbook regularly? If not, it’s a good habit to start. If you’re on a tight budget, a couple of small mistakes can lead to overdraft charges and insufficient funds in your account. If you balance up every time you get a bank statement, you ­can make sure your ledger stays in the black.

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