6 Budgeting Tips Everyone Should Know

6 Budgeting Tips Everyone Should Know Plus Size Fashion

The end of the financial year is here, and although we love the EOFY sales, it's time to start the 1st of July with a financial plan. Budgeting can seem like a scary concept with many linking the word to sacrifice - but that's not what budgeting is all about. Not sure where to start? Listen up ladies, we've got 6 budgeting tips everyone should know!

Write Down Your Expenses

Whether you write them down on a piece of paper in an old-school manner or create a beautifully organised, colour-coordinated spreadsheet, you won't truly be able to understand where you spend your money, and how to truly live within the means of your income. 

It doesn't matter how you create your expenses list, you want to make it easy to read with categories, e.g. Home, which may include gas, water, electricity bills, etc, Health which could be medication and your private health insurance, etc, and many more. 

You're going to have a much better idea about your current spending habits, realistic saving goals, and budgeting needs once you've completed your expenses list!

Create A Weekly Food Plan

Uber Eats, Deliveroo, Door Dash, Menu Log and so many more - ordering delicious food to our door is now easier than ever. And when life is full of work, responsibilities, and appointments, it's incredibly easy to fall into the habit of ordering lunch and dinner when you have those hunger pains. 

So how do you avoid this continual pattern? Organising your meals for both lunch and dinner before your hectic week begins will help you not only ensure you have all your ingredients, but it will cancel out that annoying thought of 'what do we cook for dinner?' When that Q comes into your mind, we know it's so much easier to turn to fast food than to start your meal prep from scratch.

Once you have your meal plans ready, you can take it to the next step by cutting up your veggies and storing them ready to go in the fridge! 

Plan Ahead

We don't want you to associate the word 'budget' with 'sacrifice', 'struggle', or the act of rejecting fun. You can absolutely continue to enjoy life and make purchases, you just have to be smart about the process. Here are a few things to put into place!

Don't make sponanious large purchases. Sit down and consider the large items you want to buy e.g a new couch, an expensive piece of jewellery, or prehaps an upgraded TV and smartphone. You work hard, and you deserve to play hard too! What you don't want to do is purchase all these items at once.

Plan ahead! Think of the best times of year for yourself as a consumer and space out these large purchases. Put EOFY, After Pay Day, Black Friday, and all our other money-saving days in your diary and get more for your money.

Have More Than One Savings Pot

Collect your mulla in more than one location and watch your savings grow! Growing up, everyone had a money box, but as you move into adulthood, that physical money box takes a back seat to your digital bank account. Now, not only should you have a bank account for spending, you additionally want digital savings account that you leave for planned purchases and rainy days. You may even want to bring back that physical money box!

What would I use change for you ask? Having physical coins and notes are great to have for small purchases as well as setting limits. Limits?

Imagine this, you're going out with the girls for dinner; you've saved up $80 of stray coins (don't worry ladies, your bank will take those coins and give ya cash), and you don't want to go overboard but you know once you've had 2 glasses of wine, you might lose those boundaries you set. Forget your card at home! Take that physical cash with you and you've allowed yourself to enjoy a night out, within a limit, and without touching your bank account!

Slash Your Expenses

Slashing your expenses doesn't solely mean getting rid of luxuries, it's about removing unnecessary expenses. Say what?? Although the EOFY is a good opportunity to evaluate your streaming services and scale back to just one service every month, we want you to look at situations where you literally paid more for a product for 2 reasons; 1) For the instant gratification (no one likes waiting) or 2) You couldn't be bothered to do the maths. 

Well, we want you to do the maths! Looking at getting a new phone? Don't jump on the first plan you see! Look at a variety of plans and evaluate whether it is financially beneficial to wait until you have a lump sum savings to purchase the phone outright! 

Upcycle, Recycle & Repurpose

Look back to the generation before yours. Your parents and absolutely your grandparents would never throw out something that could still be used purely because they had no purpose for it anymore. 

Well, we love that spirit and we want you to bring it back! Not only for budgeting purposes, but the environment will thank you too!

Want to change the look of your bedroom furniture? Don't throw it away to purchase brand new pieces. Enjoy a little DIY and sand back your bedside tables and embrace your creativity with a new shade of paint!  Want to upgrade your doggo's bandana collection? Grab that top you never wear and your sewing machine and utilise the funky print to create your own homemade accessories for your fur child. 

Embrace your creativity!

What are your top budgeting tips? Let us know in the comments below xx

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