• Elizabeth

On How To: Budget Successfully Part 2

Well hello there and welcome back to this small corner on Davilanda as we discuss further on more tips to budgeting and budgeting successfully. I hope that you have fun while reading and most of all, that you can find one or more tips that will be of help to you. For the first five tips given on this 'How-To Series', kindly check the previous post. Well, let’s continue!

LIST TIMING

The perfect time for making a list is also as important as the 'list itself' because a bad list of items is the same as impulse buying. So the right time we recommend you make a list is, when you are at the end of your allowance. This time, there is no “new-money joy” as compared to when the money just arrived. This period, you think clearly and take time to write down the exact things you need. Also, ensure to write down on separate list things you desire to have....known as 'wants'.

AVOID STILL CASH

First of, still cash is a part of your income that you have saved, (well done!) but isn’t growing. If you plan to only save and not grow your savings, then this is perfectly alright. But if you plan to save and also grow your savings then finding a suitable 'investment plan' and 'platform' is the next step for you.

RIGHT OR LEFT TURN?

According to recent supermarket psychology carried out, it has been observed that the position of supermarket doors or stores in general positioned at the right hand has a way of making you spend more. This is because basic food supplies such as bread, milk, egg, etc. have been positioned far away from that angle so this will make you move round in search of those items. By doing this, you see things that you want but may not necessarily need at the moment and you end up buying them. So next time you want to get into a store, take a left turn!

NO SPENDING DAY

This is a day when you don’t spend a cent, I mean not a quarter of a cent! Doing this at least once a week can help you save more than you’d expect. On a 'no spending day', it is advised to take all meals from home. Homemade breakfast (maybe a cup of coffee and a sandwich), homemade lunch (a plate of rice with salad and peanut sauce or something easy), for dinner (having a fruit salad is possible). You can eat whatever you want but the whole idea is to not spend a dime. Probably even best to leave you purse at home. Please don’t forget to take your tickets!

WEEKLY FOR MONTHLY ALLOWANCE.

One of the biggest mistakes we make without allowances is giving ourselves allowances monthly. This isn’t very healthy because the possibility of losing track of one’s spending is very high. Another downside about this is the fact that you unconsciously start pecking from the next allowance or from the money you already saved with the promise to yourself that you’d refund it. But between us, we know that never happens! And this causes savings setbacks. So a weekly allowance is better managed than the monthly allowance.

These methods are ones that I have tried and they are only but a few of many. I sincerely hope these tips can help you in starting a budget plan today. I wish you all the best and stay blessed!


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DAVILANDA

CALL TO SALVATION.

 2017 by Aina Eniola