I need help!! How do people use their weekly wage wisely?? Can someone please help me with ideas on how to be smart and wise with money!!
I need help!! How do people use their weekly wage wisely?? Can someone please help me with ideas on how to be smart and wise with money!!
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4 Replies
I was once really good with money, now I'm not so great! I'm trying to get back to it, but things that I found worked were
1 making time in my day to think about money. So making sure I knew how much I had in my purse and in my accounts daily.
2. Having a budget that is broken down into my pay time frames, so if I get paid fortnightly I budget for a fortnight.
3 knowing when to expect bills and having them marked on the Calendar and be saving for them
4. Making decisions on what I can afford not what I want! Which is much easier when you have a budget because I know where I am at financially.
5. Don't try and keep up with friends and family with belongings etc and reasses what are genuine necessaties versus luxuries.
Hope that helped
I also make sure I pay all bills that are due and food shop on the day I get paid for the fortnight (or as close as possible). Its a good idea to transfer any budgeted for savings (even $10) to an account not attached to an atm card or similar, on pay day that way you can't spend it in the heat of the moment. Things like alcohol are expensive so we keep that down to one a day and also avoid buying take away coffee and lunches (we treat them as treats, not necessities and are budgeted for). I try and cook in bulk so Im not dialling for a pizza when I get tired at night because Ive got something ready to go.
Try to buy things on special if they won't go off or have a long use by buy in bulk, try and meal plan and write a list when u food shop try to stick to the list as best as possible and name brands aren't everything. Also if u have heaps of stuff in ur pantry try and go a week without food shopping and use what's their. Instead of buying expensive clothes go to Kmart can buy similar stuff half the price deff try to not keep up with the jones. Bills keep an idea on when to expect ur water, power, insurance ect if u have debt try to pay down the highest interest debt first, if u have a credit card CUT IT UP their horrible debt traps. Kids bday presents and Xmas keep an eye out on sales for presents and buy when their on sale and hide away this way ur not cutting into the budget so much at those special times ( my kids Xmas and bday presents are pretty much all bought) good luck, their are a lot of ideas on the net to save on money from recipes that don't cost much to make to debt payments a lot of the time u just have to know what's in ur bank account at all times
i know when and what is due every cent is accounted for we are a family of 3 on 800 every week at the end of all payments...
we go on OS holidays every year and regularly go on camping trips for the weekends.
i even put aside $7 a week for "present" funds. i basically did a yearly expense sheet...
including regos, insurance, healthcare, rents how many birthdays, clothing allowances... then i would divide that by 52... and that was weekly how much I knew had to be set aside... that accounts for $738 of our money and leave that 62 a week of "luxury money" we might eat out , might save it, might buy something random... do whatever with that....
you need to know where every cent goes.... I even budget $20 a week for misc stuff.
and i slightly over shoot everything so every pot of money has slight over balances and i include an emergency fund which is used for surprises.
if you would be surprised how much you waste everyday with just $5 her and there... adds up to 40s and 50s in a week very fast.