How to live better on a budget?
Have you experience financial anxiety while moving towards the end of the month? Do you start cutting down on your expenditure when you actually have no other option left?
Are you one of those many people who promise to create a savings plan but end up merely paying for their needs not realizing how much they have spent impulsively when they first got paid?
Financial crisis ranks as one of the most common problems in today's world. People like to buy first and save last. We think that every other item that we buy is actually our need.
Sticking to the buying list has become so hard with weekly, monthly and yearly sales in the shops. No wonder marketing strategies are doing great for merchants and owners of businesses.
Well, what if I tell you that by bringing micro changes in your daily life you can spend and save peacefully without going through the financial pressure and constraints?
BENEFITS OF CREATING A BUDGET?
Creating a budget can help you not exceed the limit of the money present on your credit card.
It helps you accomplish your “one-day goals”. Such as one day I’ll travel to this country or one day I’ll buy that car etc
Take one thing off your worry list by paying bills on time.
Makes you a mindful shopper rather than an impulsive buyer.
It promises a liberated future. Of Course, if you’re saving for a purpose.
Better and happier Retirement.
HABITS TO LIVE BETTER ON A BUDGET
Living on a budget can feel economic as you’re not grabbing yet another burger for lunch at work or a beer after. You’re spending cautiously not to run out of money, save for emergencies and soon take a flight to your dreams.
Stick to the 20% rule:
Paula Pant, The host of Afford Anything podcast with 70,000 newsletter subscribers says, 20% of your income shall go to your savings, 5o% of it should pay for your necessities and the remaining 30% can be spent at one's discretion.
Do yourself a favour and submit the 20% amount from your salary into the savings account first. Then go ahead and pay bills, rents, fees and other monthly expenses like groceries, car fuel, Mobile balance etc from 50%.
If you have any subscriptions, new courses to take, or weekend plans to treat yourself you can spend the last 30%.
Declutter and organize
Decluttering and organizing can be done to everything in life. Start decluttering one place of your home at a time. Kitchen cabinets, pantry, closets, shoe racks, vanity, work table, Bookshelves and your desktop screen too.
Declutter can have massive benefits on your health. It can help you reduce stress and anxiety. Prevent negative energy to prevail and you'll have fewer things to clean too.
Sell the unwanted items and earn some bucks. Yes, you don’t need that decor vase, fake flowers, or books on your coffee table that you would never read. Just get rid of every item that is unnecessary and replace them with things that you would use.
Put the books that you read on every bookshelf at your home. If you have any hobbies that can give you your own art pieces, hang them up. Like Embroidery hoops, Macrame wall hangings and tapestries etc.
Investing in your hobbies rather than trendy items on a budget will polish your skill and save you from spending on unwanted extravagant elements.
When living on a budget you don’t have to follow the trends and that would make you look mature, classy and elegant.
PREP YOUR OWN MEALS
Healthy eating is not a trend but a lifestyle. Eating out more often than at home is damaging to health.
Setting apart a specific amount for groceries is essential. Compared to the amount you spend on readymade food it’ll cost you much less and a plus is healthy living.
Are you busy and can’t cook on time? Why not prepare ahead? Here's how?
Create a schedule like you have for work.
Draw two columns on a piece of paper, one column dedicated to the days of the week and the other with the category of food group.
By food group, we don’t mean carbohydrates, proteins etc. But deciding what we'd like to have on our dining table today? Like meat, lentils or veggies etc in your meal as the main ingredient.
Do your groceries for the next day on your way back home. If you work from home, order online a day before and get your items delivered.
Wake up a bit earlier than before and prepare all three meals of the day or half cook and freeze.
Breakfast, cook and enjoy on spot.
Lunch, prepare your bento box. Cut or slice fruits, Wrap your sandwiches, and set your dressing in a small box with a salad aside. It can be Chicken sticks, pasta, rice and lentils. whatever is on the list to have.
Remember to cut or slice the fruit before it goes into your lunch box because then you're more likely to have it.
Dinner time - no matter how tired you are. Don’t reward yourself with a burger, pizza or fried chicken for keeping up for the day. Take out your half-cooked dinner and set your table.
It’ll take a few minutes for your meal to be entirely cooked. Enjoy your home-cooked meal with the benefit of knowing exactly what went into it.
Own your life and fulfil your body requirements. Don't you think it has a right on you? You’re not a robot so make enough time for yourself. Treating yourself on Saturdays or Sundays ain’t a crime but every other day it is indeed.
INVEST IN EXPERIENCES
Experiences are better than things. It teaches you more, expands your horizons and gives you memories to reminisce rather than unnecessary clutter.
Create a travel account for yourself, save some amount from your 30% income for consecutively 6 months and buy a ticket to a city or country that you can afford.
Travelling doesn't have to be considered a thing of the wealthy man. And travelling does not mean flying to luxurious destinations only.
It can be to a nearby city, exploring your own country and culture from its different parts. The experience can be profound and more delightful than you imagine.
Do you love adventure? Well, who doesn’t! Overcome your fears and just go for it. Here is the list of sports you can entertain yourself with without emptying your accounts.
Scuba diving
Hiking
Camping
Bunging jumping
Biking
Swimming
Skiing
Surfing
Mountaineering
Horse riding
Paragliding
Rafting
Trekking etc
MINDFUL SHOPPING
Buy clothes that can be worn all year round. That’s also a trait of the high-class community. Buying quality over quantity. Creating a capsule wardrobe or just buying based on what you already have in your closet to match. Utilize what you already have.
Don’t buy every other month. Fix a time in a year to buy clothes and discipline yourself to stick by your rules. Don’t subscribe to every other brand to avoid the temptation to shop on yet another sale.
Classify and segregate your items. Have some branded pieces but not all. Get your clothes tailored if possible.
Wear everything. Match and Hang your clothes for a week in order to know what to wear each day. Don’t ditch a pair. Wear it away or throw it away.
A better way to unload your wardrobe is to give away pieces you haven't worn for over a season to charity.
Wrapping up
Whatever choices you make, stick by them. And while doing so be content. Don’t add anything to your to-do list which makes you feel bitter or low.
Every choice you make for your life from the above-given list has a ripple effect. Working on these habits is going to benefit you in the long run.
Start by picking one habit. Develop over time and take your algorithm of life from low to high.
Living on a budget can at times feel controlling and not living to the fullest but by incorporating the tips mentioned in this blog you are opting for a better and healthy lifestyle.
Remember that whenever you are tempted to splurge your money or are on the verge of breaking any rule.
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