Once you have set up a basic budget, customize it according to your financial situation and goals.
- If you work on commission, be aggressive in saving to help cover periods when the market is slow.
- If you have cash flow issues because you are paid only once a month, divide that payment by weeks, and keep the cash you planned to spend in remaining weeks in a separate account until you need it.
- Pay with a credit card only if you will have the money to pay it off at the end of the month. Otherwise, you will owe interest on top of the price of whatever you bought.
- Adjust your budget monthly if you find you overestimated or underestimated your expenses. Keep an eye on large expenses that only occur every few months, such as insurance payments.
- If you tend to overspend in certain categories, use budgeting hacks such as switching to a cash-only budget.
- Once your expenses are lower than your income, budget towards savings goals before you increase your spending.
- Take time to learn other financial skills to improve your financial literacy and make your money work harder for you.