This is a very common phenomenon that all recent graduates or young professionals encounter, especially when you have just graduated or are between jobs. Making your budget last month to month can sometimes seem like an impossible task, but all is not lost! By classifying your expenses it will be easier to live within your means without giving up all the luxuries.
Smarter choices
By making smarter choices and carefully considering where and how you spend your money, you can identify ways you can save money .
It starts with small daily purchases, two coffees for the price of €2.80, which seems insignificant. However, when you calculate how many coffees you consume in a month, you realize that you spend €84. You could save a considerable amount of money by making your coffee at home, or bringing a thermos. With these savings you can already spend your money on activities and hobbies that you enjoy doing. Changing such habits is often easier said than done.
Using a budget planner
Saving money starts with creating an overview of your income and expenses. This is easily done by using a digital budget planner . If you take a few minutes to fill out your budget planner each week, you will easily be able to see the expenses that go “unnoticed”.
The budget planner allows you to use creative thinking to identify possible savings you can make, as well as reduce your spending without giving up too many luxuries . You will be able to categorize your expenses into categories such as; travel expenses, food purchases, etc. to avoid reckless spending.
There are online budget planners , which are free or require a fee. Regardless of your choice of planner, you need to actively enter your expenses to get an accurate overview. This allows you to identify areas where you can make savings.
Actively updating and using a budget planner involves a certain degree of discipline. It is therefore advisable to allow time to update your planner and thus analyze your expenses. You can make it a daily or weekly routine depending on your preferences. A word of warning, don’t wait too long to update your planner, as you may not remember all of your small daily or occasional expenses.
The budget planner will help you save or just save money on your expenses , especially those that are not necessary, and maybe you can give yourself a goal such as a vacation.
