Boss Lady

5 tips and tricks for writing your budget

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Whether you’ve been in the workforce for years, or whether you’ve just landed your first job, saving as a woman can be tricky. And with our stereotypical love and passion for shopping, it’s not really surprising that sometimes it’s a bit difficult breaking even at the end of every month. But with bills to pay, not everyone can afford the expensive lifestyle we wish that we could, so here are some of my top tips for sticking to your budget:

 1. Be honest with yourself

If you feel like some of your habits are burning a hole in your pocket, have a think to yourself about where you’re going wrong. Finding the spending point that causes all of your debt is the first step to fixing it. If you’re relaxed and honest about cutting back, you will find it easier to do it smartly, instead of just resenting it.

 2. Make goals

Humans in general work better if we have something to work towards. If you set an end goal, you will be able to see yourself getting closer to the goal, and as a result be able to stay motivated.

 3. Don’t eat out!

Eating a meal at a restaurant can drastically increase your expenditure by a huge amount. Instead, try to cook from home. A regular meal from scratch will almost always end up with leftovers too- so you can have multiple lunches for the price of one.

4. Compare your options

If you need to make a big decision, like investing in insurance, changing credit cards, or taking out a home loan, I wouldn’t recommend doing that yourself without a bit of help. Instead, try checking out a comparison site, which can give you a bird’s eye view of all of your options, so you can make the best choice for you and almost definitely be able to cut back on some unnecessary expenses you might have had to pay otherwise.

 5. Treat yourself

You are allowed a reward. Budgeting doesn’t need to be extreme, and you certainly don’t need to starve yourself of every enjoyable thing in life. Buy that cupcake if you feel like it. Or if you want a new pair of shoes, you are of course allowed it. But think of it like a monetary diet: everything in moderation.

Being financially successful isn’t something that comes with age. Unfortunately, it comes with discipline and practice. But try out my tips, and let me know how they go — your bank account will probably thank you for it!

 

About Bessie Hassan

Bessie Hassan is the Australian Head of PR and Money Expert at Australia’s largest financial comparison site, finder.com.au. She is passionate about helping people find better deals and save money, and regularly blogs on the topics of money and finance. If you have any questions for Bessie, please feel free to email her at [email protected]

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