These days, it seems as though the majority of people are scrimping to get by at the end of the month and are left wondering where all their money went. It doesn’t matter if you’re working full-time, part-time, or are a student working on their degree, the concept of “extra money” feels completely foreign as of late.
So what can you do to help ensure that you have money left at the end of each month and that you aren’t broke by the final week? Here are some tips that can help you out.
Set Up a Budget and Start Tracking Your Spending
To start with, it’s very important you set up a budget. Obviously, this budget will be different for everyone. A budget needs to reflect fixed expenses and your income. Clearly, if you work full-time it’s going to look very different than that of a student enrolled in online doctoral nursing programs. If you are taking doctor of nurse practitioner programs you won’t have the spare time to work full-time, therefore your income is going to be a whole lot less.
You may find it helpful to look back at your past few months’ worth of bank statements to help you figure out your fixed expenses. You need to be as exact as possible.
Another item on your budget should be your variable expenses. This is an expense that fluctuates each month and can include such things as entertainment, clothing, transportation, groceries, etc.
Now that you’ve set up your monthly budget, it’s time to start tracking your spending. While you can certainly do this the old-fashioned way with a pen and paper, an easier and more convenient option is to download a personal budgeting app that you will have on you at all times. By making it convenient, you’re sure to enter in stuff before you have a chance to forget about it.
Stop Paying Full Price
It’s amazing how many times people pay full price for an item when the savings from sales can really add up. If you want to stop being broke at the end of the month then you need to tell yourself you are done paying full price for stuff. This means stuff like groceries, clothing, entertainment, etc. There are always sales, promotions, discount codes, rewards points, and coupons to take advantage of.
Make Cuts to Your Variable Expenses
Here’s an area that people can really start to see some serious savings. It’s a good idea to track your spending for one month when it comes to variable expenses and then take a look at that total at the end. There’s a good chance you’ll find it shocking. It is crazy how fast your daily coffee run, twice-weekly takeout, and new makeup each week adds up. This makes for a very easy spot to cut costs.
Be Aware of Your Finances
When it comes down to it, the best tip is that people need to be aware of their own finances and start to pay more attention to their spending habits.
