When you are loaded with debt and running on EMI you must be ready to prepare a budget. It is something like ray of light in the dark ocean .I have practically observed these things and feel that we must maintain our daily budget to live a debt-free life. Every person has there own way of doing things. Some do it by using complicated software while some work out in minds only. But my style of doing things is very simple. So I am sharing my tips with you which you cannot afford to miss. So why waste time let’s go on budgeting. And yes we are talking about daily budget not weekly or monthly budgets. Every dime saved a day will create a lump of money for the future. Here are some smart tips to maintain your daily budget:
1. Daily Budget Control Sheet
This can be done easily on MS-Excel sheet or simply on a piece of paper. Make a format and fill it before start of every month. Allocate a fixed amount for every type of expenses fixed or variable. Check the compliance every week. If some expenses have crossed the li
mit, balance it by cutting down other expenses. There can be various ways of doing things. But the motive will be same “SAVING”. Here is a simple ready made sheet attached for you.
2. Keep some extra reserve
Nothing in this world is fixed, unforeseen things happen. So why get shocked? Keep some money every month as extra cash reserve, to maintain your budget and not get unbalanced. These reserves may not be too much. Just a little amount to absorb the shocks.
3. Eat at home
Instead of dining and dating outside why not go for home candle light dinner? This is hygienic as well as great way to save lots of money on daily basis. If I am working on budget so my approach should be saving rather than spending.
4. Collect Coupons
This is one of the smartest ways to maintain the extra expenses occurred in a day. With huge competition in groceries, clothes, shoes, entertainment etc companies provide various coupons and exchange offers. Collect as much as possible and reimburse with daily used items. Hurray! Lots of money saved.
5. Save on taxes
If you are earning handsomely, don’t feel like ‘on top of the world’ because you are inviting lots of taxes, levies and duties for your income and luxury purchases.
Think some practical ways for tax credits. Insurance policies, Investments, Mutual Funds all help in tax savings. The amount of taxes deducted by government depends upon specific country. So you can plan for the savings based on amount of taxes taken away. You can also prepare another sheet especially for taxes calculation.
Think positive and always have an eye on your planned budget vs. actual, on daily basis. A smart family is known by the balanced positive lifestyle and not showing off lavishing style for just sake of maintaining the society where they live in.
Category: Home and Garden