How to take be on a “money-diet”?

What is a budget? It is an easy and smart tool that should be used to take care and control of your finances. Budgeting is also referred to as a “money diet.” A healthy and accurate diet is nothing but a balance of all the things that your body needs. The same way a budget is a balance of your finances; saving and spending. So you have to save money as you spend money to strike that balance.

Here are a few tips that will help you to stick to that money diet.

  1. Create a goal – The first step is to create a goal. For this, you should know what you really want in your life? You should know what things you really need and what are not really that important. To create your goal and focus on it, you should know what you want.
  2. Fix a deadline – Once you have a goal, next thing is to fix a deadline to achieve it. Otherwise, your goal will permanently be in “I will do it someday” state forever. Line up your goal, like when to buy that dream car or that first house or how much you need for retirement.
  3. Automate your savings – Once you know your deadline, it means that you know at least approximately how much you need to save for that goal on a monthly basis. Now, automate your savings for the goal or to pay back that debt.
  4. Keep a track of your spends – You should always keep a track of what you spend. This is an important rule to stick to your budget. Unless you know what all your spending your money on, you can’t make your money work the way how you like it to.
  5. Slow and steady start – If you get too enthusiastic and refute yourself of too many things just to save more, you are sure to crack in a short time. As for many other things, it is always good to have a slow and steady start with your budgeting agenda.
  6. Check your goals frequently – It is not enough to just make a budget and to keep noting down your expenses. You should also do a period check if your budget is meeting up with your spends as often as possible, say weekly once or so.
  7. Reward/ rejoice your achievements – If you find that you have achieved any of your short term or long term budget goals, make sure to celebrate it with a small reward for yourself. This will help you a lot in staying motivated with your budget goals.

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About the author: MOHAMMAD REZA

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