There is a popular saying that money has wings and it flies faster when it is not within a structure that either helps it grow or be spent wisely.
Thus, if you want to increase your net worth, then it is important to be very conscious of how you easily let go of your inflow, thereby requiring you to put a budget in place even before you get that expected cash.
- CONSIDER LEVEL OF RELEVANCE:
When creating any budget the first and the most golden rule is to consider the relevance level of every item that finds their way into your need list. You do not have to feel pressured into buying anything because friends and colleagues are on a buying spill of that item or something related to it if does not make your first quadrant of need. Hence, you have to be very deliberate about what you buy when you do and then you have to consider the consequence of buying or not buying. For instance, if you do not have a clean-cut of funds to maintain a car monthly or whenever the need arises it is only right to keep saving, then buying a car should never be the top need on your budget.
- GET THE BEST PRICE ALWAYS:
Aside from comparing your wants and your needs, you should always try to get the best price for every item that you need to buy from your list. Haggling is not a crime, neither is it a sin to turn down buying an item from a friend or family because their prices are above the average. You could wait until special sales days to buy your needs, or create an avenue to have more than just one vendor for a service; it helps you have choices to run with, without delaying the delivery of your services.
- FIND AND AVOID YOUR SPENDING TRIGGERS:
Be conscious of your triggers and try to begin to overcome them. Your triggers are like addictions, if you are a shoe lover, you never stop despite being aware that the pairs you bought the month before have not being worn. You should make conscious effort to begin to say no when you hit these rock bottoms. Perhaps you have a supplier who brings these items, turn them down.
- ZERO CREDIT LIMIT POLICY:
It is also important to give room zero credit limit. Embrace the attitude of always paying for everything you need within a price-range, never at any point go overboard, and impulsively buy into a credit zone. Be very principled, honour the figures on your budget when making a buy this will help you avoid unbudgeted expenditure.
Do you have more budgeting hacks that worked for you before? Add them to this list in the comment section.
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