"A budget is telling your money where to go instead of wondering where ut went."-Davy Ramsey
Inflation is making is more expensive. You will feel caught in monthly grind of working just to cover daily living expenses. There is no change in the minimum wage of the worker. The ongoing period of economic crises and high inflation is hard for the salaried person. When money is tight, its easy to feel overwhelmed and unsure of how to stretch out budget.
Don't Worry! With little creativity and efforts there are plenty of ways to cout down your expenses, boast income, reduce debt and save money every day. In this blog I am going to share with you some practical tips to manage funds when time get tough.
Make A Budget & Stick To It :
The first and foremost step in stretching budget is to create a budget and stick to it. Write down all your expenses of rents, utility bills, foods, transportation, medical and anyother expenses. This will give you an idea that how much money you need in a month week or day. When your budget is tight, you need to cut down all unnecessary expenses. Focus on spending money where it is necessar. One you have planned your budget stick to it with consistency.
Cut Your Expenses :
Cutting your expenses could save huge money and help you to stretch budgeting when money is tight. Make a list of grocery before shop and shop smartly. Buying foods in stock could save some money to you. You should try some generic foods instead of branded foods that cost high. Don't order dinner from the restaurant always, try to cook at home. Home made food cost you less.
Follow 50%/30%/20% Budgeting Rule :
This is very important rule of budgeting. Plan your budget in terms of percentage of your spending. Here are it's examples 👇
- 50% of your income is your housing, food, utilities and healthy expenses.
- 20% of your income is your transportation and entertainment and others exepenses.
- 30% of your income should be save the emergency.
Do A No Spending Challenge:
Indeed saving saves you. One must save something for the rainy day. When you are facing tough time financially done forget to do a no spending challenge. Always try to have some money and get determined to don't spend it until it's an emergency. You may set the amount of saving for no spending challenge according to your own capability.
Be Mindful Of Utility Costs :
We all have to pay utility bills monthly. We can remotely cut the cost of utility bills. Here are some tips to be mindful about utility costs 👇
- See what's using most energy.
- Use smaller machines.
- Use Energy Saving Lights.
- instal a small solar panel on your roof.
- Update old appliances.
Avoid Unnecessary Subscription & Membership :
Moreover, you can cut of subscription and membership charges to save your money. If you have to pay for your gym membership monthly, try to workout at home or in nearest park. These are some examples of cutting expenses.
Hustling & Investment In Leofinance:
Side hustling such as writing blog, threading on @leofinance could help you to boast your income. If you are content writer then #leofinance is the best platform for you. If you generate quality content your article will be curated by @leogrowth and @leo.voter
The other popular way of boasting income is investment. I witnessed the boast in the #leo worth and price in last days. Being a trader I analyze the growth of #leo and it's the next biggest cryptocurrency. This gonna make your secure and prosper.
Conclusion :
In today's tough economic time, stretching your budget, saving for emergency, boasting income is the need of hour. By the above-mentioned tips you can control your finance according to your budget. You can make secure to your future by investment in #leo You can get through the tough time with new experiences and strategies. Don't be afraid to try new ways to boast income.
Remember that every counts and little changes brought huge differences. Being mindful to your budget and income help you to get financial stability.
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- Images used in this article designed by author using Canva otherwise source and credited.
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