Did you know that budgeting leads to depression? No, itÔÇÖs not the act of creating a budget thatÔÇÖs depressing. Trying to live life adhering a rigid budget produces a sense of gloom.
If you stick to your monthly budget, your impulsive nerve accuses you of being cowardly and stingy. And if you donÔÇÖt stick to your budget, you get miserable because you accuse yourself of not having financial discipline!
So wondering how to live on a budget, yet be happy. Follow these fun strategies.
Start off with a game plan
Create a challenging game plan that delays or prevents you from spending money, at the drop of a hat. This is an easy exciting way to stick to your budget. See how long you can go about curbing your urge to spend money. Exempt monthly obligations such as rent, food, etc. from this game. Include impulsive expenses such as shopping, gifting, hangouts, spa trips, etc. Celebrate and reward yourself when you feel youÔÇÖre progressing.
Economise in style
Think of ways in which you can downsize and save money in style. Instead of owning a big place and paying heavy mortgage, analyse whether a rented accommodation would be best for you to save money. Or think of renting out portions from your house for an added income. Try to carpool with your friends and neighbours, instead of driving your own vehicle and spending on gas. Socialising this way keeps you upbeat!
Use a travel card
While travelling it is wiser to use a prepaid travel card than cash. This will shield you from losing money or overspending. Choose a card that has a facility to save money by locking exchange rates. You can also avoid exorbitant credit card charges by using the travel card for shopping, POS payments, online purchases and ATM withdrawals.
Find one free fun activity per week
There are so many fun activities that do not require you to spend money unnecessarily. Instead of hanging out at posh clubs or dining at really expensive restaurants, have a great time at the beach or nearby park or museum. Challenge yourself to spot one free fun activity per week.
Sell unused stuff at home
It is a mortal sin to have idle money at home in any form. Figure out which of the old unused items at home, you can sell for a good price. It could be old electronic items, used cot or sport equipment, or anything that may be of value to others. For most items, the value depreciates as time goes by. So the sooner you see them off, the better price youÔÇÖll get. You can add this money to your surplus.
Use apps to track spending
Maintaining an accounts notebook may be old school and tedious. So, use apps such as Adaptu, Mint, Wally, Acorns etc. Very little effort is needed to track your expenses, help you stay on your budget, get out of debt, and save more.
Follow the above mentioned strategies and see what difference it makes to your finances!