At LendUp, we know that sticking to a budget is a commitment. It may seem like work, but it’s worth it. To give you an assist, we have a quick, fun education course on Better Budgeting. The goal? Helping you keep track of your expenses to make it easier to put more money aside for the things you want and need.
We could all benefit from creating a simple and smart budget. Think of it as a roadmap to achieving your financial goals!
Here some good tips to keep in mind:
- If possible, pay for your everyday expenses with cash and pay your monthly bills out of your bank account. With a debit or credit card, you may not always realize how much you’re actually spending. Paying cash will really force you to think about every penny. To minimize your day-to-day expenses, map out how much you will need per day and week. Try not to take out more cash until the week is over, and only bring the cash that you need for any particular day.
- View your bank transactions regularly, at least once a week. And monthly, view your bank statement to assess your spending habits and identify any areas you could cut back on if necessary (like going out to dinner or getting a morning coffee). You should also review your statement to make sure there’s nothing suspicious or fraudulent.
- When you want to buy a big purchase item, plan ahead. Write down what you want and when you want it, and figure out how much you’ll need to set aside each week/month. Your budget will help you make it happen.
Remember, stay committed! Consult your budget regularly and make changes where necessary.
Want to learn more? Test your knowledge by completing our LendUp Financial Education courses. Share with your friends, and stay tuned for more from LendUp.
Is there an area of personal finance that you’d like us to cover in a course or Fast Financial Fact? Where do you struggle with managing your finances? We’d like to know! Or are you an organization that’s interested in collaborating? Please get in touch at firstname.lastname@example.org.