For many of us creating and committing to a budget can feel like a daunting task. But it doesn’t have to be—there are a few tried and true tricks to sticking to a budget.
Five Tips for Sticking To a Budget after Bankruptcy
For many of us creating and committing to a budget can feel like a daunting task. But it doesn’t have to be—there are a few tried and true tricks to sticking to a budget.
Tip #1
Create a detailed budget. Don’t leave any details unexplored. Determine how much you’re going to spend on milk, eggs, coffee, clothing, and even how much money you’ll set aside for periodic expenses such as changing your vehicle’s oil.
Tip #2
Create a shopping list. Whether you’re going shopping for groceries or clothes, create a very detailed list of what you’re going to purchase and don’t deviate from it. This will help curb the impulse purchases that can quickly eat up your money and make it difficult to stick to a budget.
Tip #3
Keep your receipts and record your expenses. Every night you should write down what you’ve purchased so that you’re facing the reality of what you’ve spent. It’ll become a lot easier to stick to a budget when you realize that breaking your budget means you can quickly waste $100 in a single day just eating at restaurants.
Tip #4
Create financial goals and remind yourself about them daily. Having specific financial goals can help you stick to a budget. Ask yourself what you value more, that brand new outfit or the house you want to purchase in a few years.
Tip #5
Use a prepaid card such as the NOTE Visa® Prepaid Card to purchase discretionary items. It will limit how much money you spend since you can’t spend more than the amount of money you placed on it. The NOTE Card is also great for budgeting as it includes tools to help you create a budget, set financial goals, and track spending with real-time notifications.1
Sticking to a sensible budget will do wonders for your savings and financial goals giving you the financial freedom you seek.
NOTE Visa® Prepaid Card is issued by Republic Bank & Trust Company, member FDIC, pursuant to a license from Visa®, U.S.A. Inc. See Cardholder Agreement for Terms & Conditions including fee schedule details.1 – There is no charge for SMS Alerts: however, standard text message and data rates, fees and charges may apply. Charges are dependent on your service plan, which may include fees from your carrier to send and receive text messages. Charges will appear on your wireless bill or de deducted from your prepaid phone balance. Message frequency will be determined by the alert options you select