It’s finance Friday….
3 Tips for Staying Within Your Budget.
Especially when you are running a business you need to stay within your budget.
For many people, staying within a budget can be challenging.
If keeping to your budget seems like an insurmountable task, you’ll be happy to know that there are ways to stay within your budget and still accomplish your goals. You need to avoid going into debt.
Some budgets may work well while others may not. If you find that one technique is difficult, all is not lost! Other techniques may be a better fit, which can then lead to the financial freedom you desire.
Consider the following tips for staying within your budget:
1. Put Your Credit Cards Away. It can be very easy to pull out your credit cards when you see something you want to buy for your business. Sales may tend to entice you but you will need to be strong. You might find a piece of equipment, office furniture etc. you think you absolutely have to have but if it’s not in the budget do not buy it!
It’s so easy to forget the true costs of the things when you buy using your credit card. If you don’t pay off that item right away the price may wind up being triple the cost. Don’t feel guilty about falling for this trick; the easiest way to combat it is to keep your cards hidden away. Only bring them out when they’re truly needed.
2. Make File Folders . Grab a stack of file folders, mark each one with a designated expense, and put in your allotted allowance for each expense. It’s easy to stay on track when you have cash specified for your bills.
3. Use Cash. It’ll help you see the true value of what you’re spending. If you don’t like handling money, you could opt for using your debit card. Just remember to stay on top of your balance so you don’t overdraw your account.
Your budget is going to be something you might have to continual tweak.
If you’re still having trouble balancing the budget, it’s important to keep trying new things until you have a system that makes you feel comfortable. Also, don’t be afraid to ask for help. A financial planner or financial counselor can give you even more valuable ideas.
With the right techniques, a budget can be the tool that brings you freedom!
Be Savvy and Successful!
Toni Nelson – Author, Online Visibility Strategist, Award winning Videographer & Photographer