Finance Globe

U.S. financial and economic topics from several finance writers.
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How to be More Efficient With Your Budget

How to be More Efficient With Your Budget

Many people create a budget with the best intentions. And then something happens. Rather than stay on the ball, they begin to slip. Soon enough, their budget is blown and they are back at square one. Does this sound familiar?

If you have traveled down this path in the past, you don’t want to find yourself in the same position in the future. To avoid this, all it takes is a more efficient approach to your budget. This means three things:

1. Get organized. This is job number one. Getting organized (and staying this way) is half the battle. Do you have a system for recording expenses? Do you know how much you earn every month? It can take some time to get organized, especially if you are starting from scratch, but it is well worth it.

2. Use technology. There are many software programs and apps that help with budgeting. For example, Mint has been one of the most popular for many years. With the assistance of technology, you will find it easier to maintain efficiency with your budget. Not to mention the fact that it can add a greater sense of enjoyment.

3. Don’t slip behind. This is a primary killer of budgeting efficiency. If you stay on top of your situation, you will always know where you stand and which decisions to make. Furthermore, it ensures that you never find yourself in a position where it will take several hours to get back on track.

If you are seeking a way to be more efficient with your budget, the three ideas above are a great place to start. It won’t be long before you feel better about your finances.

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Comments 1

Frank on Tuesday, 08 September 2015 12:06

Great tips Chris, and I would add-on 3 additional tips:
1. Give yourself cushions. Especially starting out, it is a good idea to give yourself some cushion as you are always going to have unexpected costs come up.
2. Have a positive attitude: Budgeting is hard and can be frustrating when you overspend your budget. I would recommend to stay positive and constructive instead of being too hard on yourself.
3. Use what works best for you: There isn’t necessarily a right way to organize your budget. Use technology and templates that work for you, and make you feel organized.

Great tips Chris, and I would add-on 3 additional tips: 1. Give yourself cushions. Especially starting out, it is a good idea to give yourself some cushion as you are always going to have unexpected costs come up. 2. Have a positive attitude: Budgeting is hard and can be frustrating when you overspend your budget. I would recommend to stay positive and constructive instead of being too hard on yourself. 3. Use what works best for you: There isn’t necessarily a right way to organize your budget. Use technology and templates that work for you, and make you feel organized.
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