Different Budgeting Options

featured2 - Different Budgeting Options

Bills can be overwhelming for many of us. It’s not always the amount due that can cause problems, but also the due date. It’s very rare that two bill dates fall on the exact same date, so ensuring we have money available can prove to be troublesome.

This is where many consider creating a budget but which method will best suit your circumstances. Unfortunately, there is no sole solution that applies in every instance. However, there are several options available, which means that it should be too difficult to find a solution that works for you.

Use a Calendar or Diary

While the use of a calendar or diary is not going to win any awards for innovation, the effectiveness shouldn’t be underestimated. To make the process clearer you can consider using different coloured pens, or highlight entries with a highlighter to ensure you can tell the difference between income and expenditure.

The drawback of using this method is that it can become messy should things change. However, if you have an income that is regular and consistent, there’s very little reason as to why you can’t benefit from the use of a calendar or diary.

If you do need to make a series of amendments, and you really would prefer to use a diary or calendar, then it may be a good idea to write down financial commitments in pencil so the process doesn’t become too messy and confusing when you need to make amendments.

Use a Spreadsheet

Again, the use of a spreadsheet can seem a little dated, but effectiveness rises to the surface once again. Regardless of whether you’re using Microsoft, Google or an open-source alternative, the use of a spreadsheet for budgeting means you can create a bespoke budget with very little effort.

Don’t worry if you’re new to the world of spreadsheets, as you will often find that there are many templates available online that can be tailored to suit your needs.

Consider Using an App

The rise in the use of smartphones means that apps are now an everyday part of life. Whether we’re making a bank transfer or ordering a pizza, in most instances, you will be using an app to carry out the task. It should come as no surprise that there is also a vast selection of budgeting apps available.

There are even apps that securely connect to your bank account, allowing you to come up with a precise and accurate budget. Of course, if you’re a little sceptical, then make sure you read some reviews before choosing an app. While there are always secure practices in place, it’s completely understandable as to why some people are nervous about apps having access to their personal information.

Each app will have its own dashboard and layout, so you may need to try a few to find a fit that suits you, but having the information to hand always means you’re more likely to keep to your budget, and make changes where you see fit.

Use an Online Calendar

If you’re looking for a balance between a conventional budgeting solution that can be used online, then why not consider using an online calendar. In most instances, you will be registered with a service like Microsoft and Google, and the calendar can be synced across all your devices.

There are also plenty of other providers, and in most instances, you probably have a calendar as part of your operating system. While online calendars don’t have as much functionality as that of a budgeting app or specialist software, they’re more than useful when trying to get our financial affairs in order.

Monthly or Weekly?

Once you have decided as to which method of budgeting suits you best, you will then need to decide how to set out your budget. If all your bills are monthly, and your income is paid to you monthly, this shouldn’t be difficult. However, if you must contend with monthly payments on weekly pay, it can prove to be a little more difficult.

If this is the case, then you can budget monthly, with a view to having funds in place when bills are due. For example, if you have a phone bill due at a point in the month, you would need to look at the weeks prior to this and budget for this expense accordingly.

There is no right or wrong answer when it comes to planning your budget, you just need to ensure it’s something you understand and can rely on.

Self-Employed and Contract Work

If you’re a freelancer or self-employed individual, then creating a budget can be difficult, as many will have different amounts coming in at different times. More confusion can be caused if you’re personal bank account is a mix of personal and business payments.

IN the first instance, we should look to separate our business and personal payments, as this will give a clearer overview of our income and expenditure. Having a dedicated bank account for your income will also allow you to work out the average you earn each month.

It is advisable that you opt for a budget solution that can be easily amended, giving you an updated budget in real time. Those who work for themselves will probably have more alterations to make than others, and not recording these changes as soon as possible could have a detrimental effect moving forward.

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Smart Ways to Spend Money

featured1 - Smart Ways to Spend Money

Do you have hard time-saving money? How about being an aggressive spender? If your answer both yes then let this help you achieved financially. It is understandable that in today’s society there are a hundred reasons why you should spend and little reason why you should save. That is why so that you would be given help in your financial status; there is a way for you to continue spending but this time a little smarter. The following stated below will help you spend money but this time you will earn money through the process.

• Spend on investments
When you are about to spend your money then better do it right. The right way would be for you to spend your money on investments. Investments can be anything from spending money to be part of a business venture or buying stocks in the stock market. This way you are re-earning the money that you spend, instead of buying stuff that you don’t need anyway. By nature, humans are fond of buying what is trendy and not realizing the benefit or disadvantages it can give in the future. For example buying very expensive gadgets, as the time goes by the value of the gadgets will depreciate in time, because sooner or later different brands and units will be released in the future.

• Open a small business
The business doesn’t have to be big, and it doesn’t have to be made by you because you can always open a small business through franchising. This way you are not wasting your money buying unnecessary things instead you are investing your money on something that you can earn through the long run. Also business is very good opportunity for you to get rich and retire early, why? Because, if you get to succeed then your flow of money will stabilize and even grow more.

• Buy seeds in discounts
Another way for you to spend money the smart way is when you do your groceries. It can’t be helped that when you do your groceries, it will cost you a lot of money that is why you should buy your groceries in a discount state. You would be able to save a lot of money because of this, and you are spending your money the smart way.

• Make a time deposit
This would mean that rather than immediately spending your money on things that you won’t need you will be spending it to the bank. There are after all banks that will keep your money safe and can give you a good interest to benefit you.

• Invest in Real Estate
If you think that your income is really high and would allow you to buy properties, and then pursue this option. Properties like houses a good investment in the future, though you will need a big amount to purchase one, the return of investments is really good once you have found a good location to resell in the future. For more information visit The Loans Departement who provide a lot of useful information regarding mortgages and bad credit remortgages.

Now you know the smart way of spending your money. Reading this will help you realize that this can help you financially. It can’t be helped after all that if saving is hard for you or you are an aggressive spender then why not spend it the smart way? It’s better to be a smart spender than a spender without a direction. The following stated above would be able to help you and you wouldn’t have to worry about saving because you are spending but this time it’s smart.

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