If you have been searching up and down for the best tips to create and maintain a budget, look no further as you have found the four best answers that you have been looking for! We have grabbed the four best tips of advice from money experts to help you along in your journey. We all love to save money that we earn, even though spending it can be a bit more tempting. No matter what your salary may be, if you are spending money without giving it a second thought, you are heading down a dark and dangerous path. Follow the advice from money experts to ensure you are doing all things possible to become financially well off, and more importantly: stable.
Cut 10% from Your Family’s spending:
Financial guru and money expert Suze Orman advices every family to cut ten percent from reckless and fun spending each month, while following this advice from money experts you will find your savings will become larger and grow much faster. Though it is a cut back from normal spending, it is not enough to give the feeling of deprivation or boredom from not having any money to spend. For example: If you spend $100 on pedicures, cutting back to $90 is not going to make your cuticles suffer through any harm. While still having fun, you will find that your wallet is hefty and you will have the extra confidence of doing well with your finances.
As you follow this advice from money experts, make sure you make adjustments in all aspects of your life, so nothing will become unbalanced.
Groceries: Overbudget them!
Dave Ramsey advises families and even those who are currently single to create a grocery budget that will be slightly more than you will actually spend/need while shopping for your weekly or monthly groceries. When shopping at the grocery store, people tend not to include what they pay into their budget, and to be honest: that is where most of your money goes; food. Collect previous receipts of grocery store visits and calculate the arithmetic average of what you spend each time. After this is completed, add $50 to the price and set this as your grocery budget. The benefit is that you have wiggle room, and it will always be beneficial to spend less than the set budget. More saving money!
Don’t Look Back, Or Maybe You Should?
Many philosophers and motivational speakers’ advice that the past is nothing than a mere memory that will soon fade away; but, how about we convert those times into money inspiration? This advice from the money expert Ric Edelman advises that if you have not had any major financial or lifestyle changes in the past year, to look back and calculate how much you spent last year. If your life is reasonably the same as last year, you can gather the information that you will be spending about this much this current year, as well. It is always great to know what you are making per year, next to what you are spending per year when you are creating your financial budget.
Gail Vaz-Oxlade who is a tough talking money expert can understand some peoples’ frustrations when they become so infused with having fun, they do not see the money as reality. You just swipe the card and you are done, right? Wrong. You will realize this once you are hit with all of the fees and bills at the end of the month.
Set aside several jars and stick an allotted amount of cash in each one, designated for certain purposes, such as: debt recovery, food, car payments, rent, rainy day funds, and any other extracurricular activities that you or your family may partake in over the coming month. Spend money on these specific tasks only with the allotted amount of money in the jars. That way when bill time comes around and you are forced to pay, you will not be hit with a shock of surprise when you see all the charges that were added up over the course of 30 days.
Life can be adventurous and also a dangerous road, especially when dealing with finances. When you take advice from money experts, you are sure to have the confidence that you are doing right not only by yourself and your wallet, but your family and your futures as well. The more money that is saved up over a period of time, the better off you will be if something traumatic was to happen, and you did not have the funds to cover it. Advice from money experts is sure to be spot on with effectiveness, and will have your wallet and bank account looking much healthier over the course of the next few months.