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How To Actually STICK To Your Budget

by Shakadoo Leave a Comment

33887741275_22bc30a37a_zNo matter how much money you make, the first step to saving more money is to create a budget. Budgets are easy to make- all you do is list out your expenses for the month- rent/mortgage, utility bills, insurance, car payment,gas, food- all the essentials- as well as things that you like to spend a little extra on- clothes, makeup, entertainment, video games, etc. It’s important to have fun built into your budget, so you don’t go crazy and splurge without planning! Then, you examine your expenses against your income. Any you have left over will go into your savings. (If you don’t have any left over, you need to go over your expenses and see where you can cut.)

Now, this is all good in theory. However, while I think I’m good at making budgets, I’m definitely not good at sticking to them. I’ll follow it for a month, or maybe two, and then just go back into my old ways of overspending. That’s why I was interested to read this article by Caroline at CarolineVencil.com. She has a lot of great tips on actually staying under your budget! If you have the same problem as me, check it out:

-Cutting down without actually changing your spending patterns will never work.

-Keep your budget high, but try to spend less than you need to.

-For example, if your grocery budget is $500/month for your family of five, but you only end up spending $350, that’s $150 more that can go into your savings…which adds up to $1,800 extra a year!

-Any time you stay UNDER budget on a certain expense, divert the extra to your savings!

Photo Credit: Jake Rustenhoven

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Hidden Home Expenses That You Haven’t Thought Of

by Shakadoo Leave a Comment

17121929770_f67059429b_zWhen you’re pre-qualified or pre-approved for a certain amount on a mortgage, that doesn’t mean that you should spend that full amount on the actual home price. It’s best to scale down your budget by a few thousand (ask your Realtor how much) to allow some wiggle room. The home cost is not just the value of the home. You’ll need to have money for closing costs, repairs, moving expenses, mortgage insurance, and property taxes, to say the least. Check out this post by Dr. Penny Pincher at AOL Finance for more hidden home costs that may sap into your budget:

-Outdated thermostats and HVAC systems

-Drafty old windows and poor insulation

-Bad mortgage rates- try refinancing

-Long commutes

-Buying too much house for your needs

Photo Credit: Pictures of Money

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Cheap and Simple Meal Ideas

by Shakadoo Leave a Comment

7148182009_dc1daef1b7_zOne of the first things you learn when you move out on your own is how ~expensive~ food can be. If you’re used to dining out a few times a week, and always buying brand name groceries, that first grocery receipt can be quite a shock. Of course, you can always save money by buying cheap staple foods (like rice, pasta, chicken broth, and beans) in bulk, using coupons, and buying store brand. I only have one exception- I only buy brand name American cheese (not store brand “cheese product”), and brand name ravioli- only because of bad experiences I’ve had, haha. That being said, if you are trying to cut back on your food budget a bit, read this post by Missy at Graceful Little Honey Bee for a list of frugal meal ideas:

-Spaghetti & Tomato Sauce w/Homemade Bread

–Chicken Noodle Soup & Homemade Bread

-Scrambled eggs with hashbrowns

-Pancakes

–Homemade Bean & Cheese Burritos

–Beans & Cornbread

Photo Credit: Luca Nebuloni

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Living Paycheck To Paycheck? Try This Tip

by Shakadoo Leave a Comment

4326186183_605559723b_zLiving paycheck to paycheck is extremely stressful. What if your expenses outweigh your income? What if your check is late? What if your hours are cut? There are so many unknowns you juggle, and that amount of stress can be crushing. Plus, you can end up “up a creek without a paddle” if a vehicular or medical emergency occurs. So, stop doing it! Sure, it’s easier to say than it is to do, but there is a way to get out of the constant struggle. This article by Jessi Fearon at The Budget Mama outlines how she and her family beat the paycheck-to-paycheck cycle by getting a month ahead of their bills:

Instead of living on next month’s income (by relying on credit cards) or living on this month’s income (living paycheck-to-paycheck), we are living on last month’s income (being a month ahead)! Each month we save all of the money that we earn.  We don’t spend paychecks or any other cash we get during the month when we receive them.  Imagine a jar labeled “for next month” where we actually stash all those paychecks.   When the next month starts, we figuratively dump out the jar, count it, and create the month’s budget using all of that money that we earned last month

Photo Credit: Andy Nguyen

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Friday Fun Video: Online Budgeting

by Shakadoo Leave a Comment

https://www.youtube.com/watch?v=sHxkQ9d0me8

I love this idea, especially how she breaks it down by week!

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Biggest Money Wasters

by Kathy T.

We all have our guilty pleasures. I love buying cheap, useless junk from eBay and getting used books from thrift stores. Some people love going shopping for clothes when their closets are full. Others waste hundreds of dollars a year on power ups for iPhone games. And it’s okay to treat yourself- it’s your money, and you should spend it how you like. However, it’s never useful to just pour your hard-earned cash down the drain. The $150 you spend on eBay this year could have been used to buy a plane ticket. That shopping spree could have been a payment on a brand new car. There are usually way better investments for you money. For a list of things to just stop buying, check out this post by Jacob at I Heart Budgets:

-Credit card interest- buying something on credit if you NEED to (like hospital bills or auto emergencies), or for getting rewards like cash back or airline miles is fine. However, without having the money to back it up, you soon can find yourself thousands of dollars in debt, and waste money by paying the interest.

-Appetizers at restaurants- they cost as much as an entree, and the entree portions are usually huge enough where you don’t need the extra food.

-Overdraft fees and ATM fees- budget your money and plan ahead.

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Things To Stop Buying (And Start Making)

by Kathy T.

We all have those things that we know we don’t -need-, but that we keep mindlessly buying anyway. This week, I decided that I’m done with soda. I won’t drink it if it’s not in the house, and I’ll become healthier (and save more money) by drinking water instead. There are tons of things in my house like that. For a list of things you don’t actually need to buy, check out this post by Stacy at Six Dollar Family:

Cooking herbs- grow your own, sustainable, fresh herbs.

Lotion- I tried my own homemade dry skin repair cream and I haven’t looked back since.

Body Wash- try making homemade body wash

Pasta Sauce- I now make our own homemade pasta sauce saving myself an average of $2.00 per jar. 

Dishwasher detergent- I started making my own homemade liquid dishwasher detergent.

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Smartest Investments For 20-Somethings

by Kathy T.

Being in your 20s and getting out on your own will probably be the most challenging financial time in your life. You suddenly have to pay for rent, a car, tuition, insurance, and utilities, all while having no work experience and starting from the bottom. So, how do you go about spending your limited income? What are the best financial decisions you can make? What can you do now that will help you for the rest of your life? Check out this article by Mike Ouyang at the Lending Tree Blog for the best things that 20-somethings can buy:

-A college degree, or trade school education- those with a college degree are more likely to be employed than those with just a high school diploma, and have statistically higher paying jobs.

-Books- read anything and everything that catches your interest, it helps your cognitive skills, communication, and keeps you up to date with the world around you

-Stock and portfolio investments- diversify your options to minimize your risks

-Retirement accounts

-A gym membership

-Paying off debt as fast as you can- get that credit score up, free up your finances so you can put them in other investments, like a savings, investment, or retirement account.

Photo Credit: Ryan Resella 

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Sticking To Your Budget

by Kathy T.

16630300167_994fa2f1a9_zCreating a budget is hard enough, but sticking to one can seem impossible at times. Even once you run the numbers, and find out how much you should be spending/saving each month, it takes a huge amount of will power not to spend any extra money on impulse buys. For tips on keeping your good habit and sticking to your budget, check out this post by Hilary at Pulling Curls:

-Make the budget realistic- keep in mind how much you REALLY spend on groceries, clothing, etc. It’s not about wringing out the budget to a bare minimum, but IS about cutting back a little to reach a savings goal.

-Budget in some splurge items- having the ability to buy a few things you WANT feels great, and will keep you from overspending later.

-Talk about the future- have a goal for your budget. Are you saving for a house? A new car? Retirement? A vacation? Having it in mind will help you avoid unnecessary purchases.

Photo Credit: Got Credit 

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Stop Living Paycheck To Paycheck

by Kathy T.

6921645378_e3bfae5af9_zBecoming financially stable is hard work- especially if you have low income. It can seem impossible to get ahead when you are struggling to make ends meet each month, and living paycheck to paycheck. To stop the vicious spending cycle, check out this post by Savanah at Midwest Modern Momma. Here are her cornerstones for people who are financially stable:

-Track your expenses- save EVERY receipt for three months, see where your money is really going.

-Create a budget that you can live with

-Start small- focus on one positive habit at a time

-Set up a payment arrangement- tackle one debt aggressively at a time

-Set up automatic transfer to an investment or savings account each month, even if it’s as low as $5 a week.

Photo Credit: Tax Credits 

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