Boring Budgets Fund Fun Times

You may think keeping a budget is boring and a waste of time. But, do you want to travel one day? Want to pay off your dream car? Want to save up for a home to call your own?

A boring budget can help you have a BLAST…one day.

Budgets help you stay within your means of income and keep track of how much you’re investing in your future goals.

When you create a budget, the first question to ask yourself is what is the purpose? What goal do you want to achieve if you keep within your budget?

If you live paycheck to paycheck, your main purpose is to meet your monthly expenses. If you are saving up for a vacation or want to purchase a home, you may want to cut budget items found in your “extras” column so you can put more into your savings.

Why Do You Need a Written Budget?

You may think as long as you have the money in the bank, that’s all you really need to know about your finances. But, saving and staying motivated for your future is difficult without tracking your spending.

Write out your budget, track your expenses and stay conscious of where your money is being spent and how much you have left.

You may want to go to the movies, but if you don’t have the funds left in your entertainment budget, then consider not going. It may seem like a bummer right now, but in the end you’ll be glad you sacrificed a little for your future endeavors.
What Can I Cut to Save Money?

After you’ve written out your budget and your savings goals, you can have a better perspective of what changes need to be made to your lifestyle to meet those goals.

Many people think they have to cut out fun to be able to save money. But that’s not always the case!

Here are some tips to find where you can cut your budget so you can siphon more money into savings:

1. What can I live without? Do you really need to eat out every Friday night? If you have a gym membership, are you actually using it? Look at monthly expenses you could cut or ask for lower rates. For example, call your car insurance agency to see if you can lower your monthly premium. Or, talk with your internet company to see if there’s anything you can do to lower your bill.
2. What can you do to save money on the things you need or want?
   1. Try keeping your home 1-2 degrees cooler in the winter and warmer in the summer to see if this makes a difference on your electric bill.
   2. Do you love movies but need to stop paying for your weekly movie rental or theater visit? Go to your town’s discounted movie theater. Or, start visiting your library for movies and TV shows instead of paying for a streaming service.
   3. Coupon, but don’t go crazy. Many grocery stores have apps you can use to help you save money. They may have you download coupons or even give you credit for future purchases. There are even apps that give you cash for buying certain items when you shop, on top of the coupons you’ve already used.
3. Think of all the extras you pay for each month and prioritize. You don’t have to eliminate everything, just decide what is most important and then cut the rest. If you love video games, then try to cut back on how many you purchase or try to work out a trading system with your friends. If you like having date night every week, look for fun activities that are a little cheaper than dinner and a movie.

The key to budgeting is to stick with it. You have financial goals, and staying within your budget will allow you to reach them!