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4 Tips for Making Better Budget Choices

4 Tips for Making Better Budget Choices

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The rising cost of living has left many of us pinching our pennies; cutting back on luxuries to make ends meet.

It’s a stressful time, and one that can leave us lying awake at night worrying about winter.

You’re not alone. There’s help out there for those in need, along with a variety of things you can help lessen the load.

If you’re looking for solutions to help plan your finances and scrimp and save, then here are our four fantastic tips for making better budget choices.

Keep Track of Your Spending

The first step to managing your money is to keep track of your spending; if you don’t know what’s going out each month, you’re not going to be in a good position to ensure all your bills are paid.

There are several ways to do this, from creation of a spreadsheet, to dedicated app such as Money Dashboard.

By keeping track of your expenses in one place, you’ll be able to see how much you have to last you until next payday, and even start saving for the next rainy day.

Prioritise Your Activities

Unfortunately, the rise in living costs means that we need to make sacrifices in the things we enjoy.

Of course, no one wants to completely cut out all hobbies and outlets. But it’s a good idea to try and find a cheaper alternative.

If you’re considering returning to university, a useful thing to do for long term financial security, consider online learning instead. Distance Learning courses, such as those offered by Anglia Ruskin University, are often cheaper than courses on traditional campuses.

Similarly, if you have a gym membership, consider cancelling that in favour of park runs and work out videos, both of which can be done for free.

Take Time to Meal Plan

There has even been an increase in the cost of food, preventing our weekly shopping budget from going as far as it used to.

However, food waste is often a big problem for many of us. So, if you find that you’re throwing away too much food at the end of the week, then you need to start meal planning.

Do this before you write your shopping list for the week, and only buy the ingredients you need for each meal. This way you should help to limit the amount of food that ends up going off.

Take Up a Side Hustle

Side hustles are a great way to earn some extra spending money and supplement your income.

If you have a hobby, particularly a creative one, you can turn this into a small business.

Platforms such as Shopify allow you to create easy ecommerce websites where you can list and sell your artwork, knitting, sculptures, or whatever your skill might be.

How are you planning to make better budget decisions? Share your tips in the comments below!

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