5 Tips for Maintaining a Monthly Budget – Yes, You Can Do It!
Setting an effective, realistic monthly budget is one of the most important away to achieve financial success. Here are a few tips on maintaining a budget that will fast-track you to financial freedom!
Monthly Budgeting Tips and Tricks
1. Gather and Understand Your Complete Monthly Expenses
You likely have an idea of exactly how much money you bring in a month, but it can be increasingly difficult to have a full grasp of how you spend.
First step: Write out every single monthly expense you can, including biggies such as rent/mortgage, cable/internet bills, your cell phone bill, regular house expenses (water, sewer, insurance), and car insurance.
But be sure to include everything that also may slip through the cracks: magazine subscriptions, subscriptions to online businesses, all of your TV streaming services. It is surprising how much these add up in a given month — with or without you knowing it.
Having a full mastery of all that you spend and what you spend it on is key to maintaining a monthly budget.
2. Organize Your Budget
Once you have all your expenses at hand, start to organize. This is another key for maintaining any monthly budget; a spreadsheet will work wonders for not only having expenses all in one place but adding up your total and tracking monthly payments.
If you do a preliminary addition of all of your expenses and it’s far above what you believe you should be budgeting, eliminate or downgrade some flexible expenses.
For example, if you spending a large amount on drive-thru coffee or a streaming service you rarely use each month, it may be time to give both the ax. Your monthly budget will thank you.
3. Divide Into Categories
There are necessary expenses each month and then there are not completely necessary expenses. That doesn’t mean you need to be all work with no play.
Having money set aside for your social life, for fun or supporting those little extras that are important in your life isn’t a bad thing. But it needs to be a realistic thing.
Divide up your expenses into several categories each month. Essentials include a mortgage payment or rent, car insurance, home insurance, water/sewer, and other services.
For many, that would also include your cell phone bill. Get a full total for those each month and that may dictate how much you have to really spend on those little extras in order to successfully maintain a monthly budget.
In general, 50% of your budget should go to needs (groceries, the aforementioned rent/car payment/insurance) and 30% to wants (streaming services, clothing, cash for fun like eating out or bar-hopping)
The remaining 20% should be allocated to financial goals (anything you’re saving for: trips, a down-payment on a new car, money set aside for savings).
4. Consider a Weekly Allowance
Out-of-control spending is a major roadblock to maintaining a monthly budget. One solution: Setting a spending limit each week (or month) — and sticking to it.
Sure, emergencies happen, but if you decide to, say, set aside $400 a month for groceries and $100 for “wants,” it will go a long way to balancing a budget and helping you accomplish whatever financial goals you may have. Bonus: What you have left from your allowance each month can go to your savings.
5. Overestimate Your Expenses
It may sound counterintuitive, but to effectively and smartly maintain a monthly budget, try overestimating your expenses, especially your monthly necessities, including items like your power bill, grocery budget, water bill, and insurance.
Financial experts suggest overestimating each by about 10% each month. That’s a small but helpful windfall each month to add to your savings or cover your bases if there’s an emergency or you overspend on some of your fun time.
What If I Don’t Have a Budget for an Emergency?
Creating and maintaining a monthly budget is both challenging and rewarding. Sometimes, though, everyone needs a little help.
It takes some time to get into a good budget place, especially if you’ve never maintained one before. Everyone struggles at first, but you can also set yourself on the right track quickly with installment loans.
What Is an Installment Loan?
An installment loan helps you out when you need cash and need it fast without the hassle and complexity of a personal loan. Generally, the amount you can borrow varies depending on a lender, but with Missouri Title Loans, Inc., you can get up to $1,500 same day cash.
What Are the Benefits of Installment Loans?
- Finding a loan that fits in with your monthly income and budget
- Quick and easy approval process
- Receiving an installment loan decision instantly
- Generous and flexible loan repayment periods
- Full disclosure of applicable terms and fees
How Do I Find Installment Loans Near Me?
If you’re wondering which Missouri title loan lender to use, look no further than Missouri Title Loans, Inc. With us, you can get up to $1,500 cash in as little as 30 minutes. We welcome all credit types and accommodate all sorts of income, be it part-time, freelancing, or side-hustle.
What the Application Process Looks Like
The entire application process is easy and straightforward, and you can get started by clicking the red button on the top right of our website that says “Apply Now”. Here’s what will happen next:
- Fill out and submit the Missouri online request form;
- A representative will call you to help you get started;
- Provide the following items to get your approval:
- You driver’s license or state-issued I.D.
- Bank statement from an active checking account in your name
- Proof of income (your most recent paystub)
- If approved, get your cash the very same day!
Get Started Today!
Maintaining a monthly budget takes time and efforts: it’s like going to a gym – the harder you try, the stronger you’ll get, and with our budgeting tips, you can achieve results even faster. So, take our advice into consideration and remember: in case of emergency, Missouri Title Loans, Inc. has you covered! You can get up to $1,500 same day cash within minutes, and all it takes in just filling out a short request form on our website.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.