15 Budgeting Hacks That Can Change Your Life

We have all, at some point or the other dreamt of the perfect life. There is no such thing as a financial problem, it’s a process, and we must all believe in ourselves and trust it. However, that does not mean that we cannot do anything to make our life better immediately.

Let us look at 15 budgeting hacks that can change your life.

1. Save Before You Spend - The first thing you should do every month as you get your salary is to move at least 20% of it into a savings/investment account. This 20% should not be a part of your budget calendar.

2. Say No to Debt - A critical step towards financial independence is to stay within your budget and never fall into a debt trap. The goal is to earn interest on savings and not pay interest on expenses.

3. Avoid Bad Habits - If you start keeping track of how much money one spends on habits like smoking and drinking, you would be shocked. These habits do not only destroy our health but eat into our budgets as well.

4. Go Green - Using a bicycle to work or changing all lighting at home to LEDs are environmentally-friendly budgeting hacks that can be proven highly effective in the long run.

5. Create a Budget – Your financial journey starts with creating a budget planner to manage our expenses well.

6. Do it Yourself – Use DIY kits as much as possible. These kits not only save you a lot of money but also sometimes solve your purpose better than readymade stuff.

7. Save for Big Expenses – Spending so much money on small impulse purchases can exhaust your budget by month-end. Saving separately for bigger goals like buying a car, etc., is the best budgeting tip you would use.

8. Have an Emergency Fund - No financial plan is complete without an emergency fund. Always save for a rainy day.

9. Keep Track of Your Expenses - You can’t manage what you can’t measure. This timeless principle applies to the budgeting world as well.

10. Avoid Late Fees - Make sure your budgeting calendar is designed to remind you of all your pending payments. Best practice to avoid any late fees or penalties on delayed payments.

11. Use the Envelope Method - Create separate envelopes for different categories of expenses and make sure you stay within those budgets.

12. Make a List Before Visiting the Grocery Store - To avoid impulse buying, always make a list before visiting the grocery store and make sure you stick to it.

13. Buy in Off-Season - Making the best use of offers and buying in the off-season can help you stay within your shopping budget and still get you what you want.

14. Party at Home - A great way to spend weekends on a low-income budget is to call your friends over instead of going out every time.

15. Make the Best Use of Resources - If your colony has an outdoor gym, use that instead of getting a subscription.

Following these budgeting hacks will ensure that you always have some money for things you need and want. A budget allows you to stay debt-free and keeps you financially healthy in the long run. So make sure you stick to it.

Sakshi Mehrotra

Sakshi Mehrotra