Money matters. Having sufficient finances is one of the hallmarks of an independent woman. You really cannot be considered a true independent woman if you’re still depending on your mom and dad for your own sustenance or relying on other people’s support for your own expenses. However, budgeting one’s finances is no easy matter. It’s something that not every woman can easily do the first time around. While some may be gifted with the thrifty gene and get by with budgeting their finances just fine, most women only know how to budget well after a series of trial and error. And among the latter, first time independent women are the most in need of tips for effective budgeting. But in between designer shoes and bags, apartment rent, party expenses, and beauty trips, I guess every woman out there needs some tips for effective budgeting every now and then.
Here are some tips for effective budgeting that every woman should take note of:
1. Make a budget list
One of the most effective tips for budgeting is to make your own weekly or monthly budget list. Account for all your income and list all your expenses in a week or in a month. Then set your budget limit for a specific period by writing all the things that you have to pay within that period (electricity, water, apartment rent, groceries, etc.). The next and most important thing that you have to do after this is to stick to your budget list and be faithful in not spending beyond it.
Not being an impulsive buyer is also one of the most effective tips for budgeting. When you like a specific dress or a pair of shoes, don’t buy it immediately. If you’re in the habit of just buying everything that you like immediately, then you really won’t be able to manage your finances properly. The tendency with buying impulsively is that you’ll be spending more and more on unnecessary things, and at the end of the day, you’ll just regret giving in to your impulse because you no longer have enough money for your essential needs. Always think twice before you buy something.
3. Use cash and choose debit cards over credit cards
Using a credit card can become the downfall of a woman who is susceptible to uncontrollable spending. When using a credit card, even if it has a limit, you’re more likely to think that spending is always okay as long as you’re not over and beyond your limit. It’s different when you use cash or a debit card because you’re more aware of how much your actual money is and what the things that you have spent it on are. One of the tips for effective budgeting is to, therefore, use cash and not credit cards because it does help you curb spending more.
4. Make a grocery or shopping list
Making a grocery or shopping list is one of the most common tips for budgeting. When we make a list and stick to it, it’s much easier to monitor and control our spending. This is because usually, when we go to the supermarket without our grocery list, we tend to grab the things that we think we need, and in the end, we’re shocked because our total bill is way beyond what we initially planned to spend before coming into the grocery store.
5. Canvass first before making a big purchase
When making a big purchase, such as new furniture or new appliances, don’t just easily enter a store and buy the things that you like in there. Canvass first and compare the prices, because you’ll find out that some furniture stores’ prices are higher than others, even if it’s of the same quality. Canvassing and comparing prices first before making a new purchase is the smartest thing for you to do for proper budgeting.
These five tips for effective budgeting can hopefully help you overcome your overspending problems and save more. However, in the end, it is always up to your strong will and your control whether you’ll be able to save more money and curb your expenses. Just always make sure that you spend wisely. Happy budgeting!