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Budget

By |November 6th, 2018|

A realistic guide to creating your first budget

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Let’s be honest, creating a budget for anything does not sound like a fun activity. In fact, anything that might impose a limit just makes people steer away from it. But if you look at the bright side, it will actually free you from worries about suddenly finding yourself short on funds, having made lots of unnecessary purchases and ultimately, regretting the fact that you did not plan your finances well – if at all.

Like most things that we’re shying away from, all we have to do is get started and don’t overthink things. Get your journal or any piece of paper that you want to write in – maybe your phone if you want to go paperless, a pencil and a calculator. Write down your monthly income on top, then list your bills below that, utilities, mortgage, your kids’ school tuition, etc. Now that you have the basic stuff, break it down a bit more.

Fixed Expenses

Any expenses that do not vary month over month are your fixed expenses. These would include your mortgage or rent, insurance costs, as well as your internet and phone bills. Enter these into your budget list first.

Calculate Average Bills

Check your utility bills over the last 6 months, or if you can, include the year prior and get its average. Do this with any other fluctuating bills.

Prioritize Debts

Payables like car payment, credit card bills and student loans should be listed under debts. Prioritize which ones should be paid off the soonest.

Grocery Budget

Be realistic about this one. Check your grocery receipts and you’ll see that you always spend more on groceries than you think you do. This is especially true when you don’t make a grocery list and even more if you go grocery shopping while you’re hungry. If you don’t have your grocery receipts anymore, just take whatever you think you are spending and add 20% to it.

Occasions
It’s always someone’s birthday in your circle of friends or in your family – especially if you have a big family! Every year is an anniversary and there’s always Christmas every year. So if you think about it, there might be at least one occasion each month. Some might pass by with you just sending out warm greetings, and some you show up to empty-handed. Check your expenses and set a limit on how much you should spend on birthday, anniversary and holiday gifts.

Self Love

Set aside a few dollars a week or a month if you really need to be on a tight budget for entertainment. Just pick one of the things one might consider a “luxury” spend as your weekly or monthly treat.

Check out our blog (link to the blog about saving money) about some small changes that you can make to help you save money and be surprised at how much faster you can increase your savings!

Need extra cash? Call 1(844)651-5144 and get funded TODAY! Only from the best in car title loan, Sabre Lending, LLC.

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Saving Money

By |July 11th, 2018|

Making these small changes can actually help you save money faster than you think

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It’s always possible to turn your financial life around. All it takes is making small changes to get things moving in your favor financially. Learn self-control, make wise decisions and start saving money today! Here are some tips to help you get started.

1. Don’t give in to the power of marketing

One big way to save money is to drastically cut down on the amount of television and YouTube videos that you watch. You’ll notice that when you constantly expose yourself to ads and sponsored content, you’re at high risk of eventually giving in to the temptation of making more unwanted and unnecessary purchases. That’s the power of marketing. Less exposure to these will result in a lower electric bill (and perhaps a lower cable or internet bill if you downgrade your subscription), a huge cut-back on unnecessary purchases and more time to focus on other things in life — such as a side business — and so on.

2. DIY Gifts

If you want to save money while also giving generously, creating your own homemade gifts is one way to accomplish both goals. It’s the thought that counts anyway. Make mason jar sewing kits for your girlfriends, knit or crochet cute hats for their babies, mix up a mean barbecue rub for your guy friends, the list goes on!

3. Wait 30 Days

Avoiding instant gratification is one of the biggest game changers in saving money and waiting 30 days to decide on a purchase is an excellent way to implement that rule. You’ll find that after a month or maybe within a month, the urge to buy something has already passed. This is especially true for bigger but still unreasonable purchases. If you’re on the fence about a purchase anyway, waiting a while can give you a better perspective on whether it’s truly worth the money.

4. Make a list and stick to it

Make a list before you shop. This is most commonly applicable when going to the grocery. When you go rogue and shop without a list, that is when you typically end up making impulse buys – stuff that you don’t actually need and will eventually go to waste.

5. Clean out your closets

Go through your closets and weed out stuff that you haven’t used in the past year. You can have a yard sale with the things that you find or sell them on eBay or Facebook buy and sell groups. You can also take them to a consignment shop, or even donate it for the tax deduction. You’ll have instantly decluttered a major portion of your home while turning in some profit.

Save yourself from money problems too! Need extra cash? Call 1(844)651-5144 and get funded TODAY! Only from the best in car title loan, Sabre Lending, LLC.