No matter your financial situation, money affects everyone and everyone can benefit from these budgeting tips.
“Especially during these crisis times, when money seem to slip through our fingers faster and financial peace of mind feels distant,” writes Sara Van Wesenbeeck. “Everyone wants to get rid of money stress and regain control over their budget. I hear this more than ever in my coaching practice.”
Smart budgeting tips
“It’s wise to address your finances now rather than later. Money influences all aspects of life. However, budgeting and managing the family budget isn’t always easy. You might feel overwhelmed. That’s why this book offers a step-by-step approach to start making the most of your money, doing more with less, and ensuring your money lasts through the month. I provide over 365 tried and tested saving actions that are practical and effective.”
Van Wesenbeeck emphasises the importance of patience. “To boost your wallet and create more room in your budget, start small. These small steps will eventually make a significant impact on your budget and life. Keep this in mind as you read the book. It will motivate you to start and continue managing your finances effectively.”
7 immediate budgeting tips
1. Follow the 50/30/20 rule
Organise your budget with the 50/30/20 rule from Elizabeth Warren’s book “All Your Worth: The Ultimate Lifetime Money Plan”:
- 50% for necessities (housing, utilities, healthcare, insurance).
- 30% for wants (phone plans, cable TV, essential wardrobe items).
- 20% for savings, retirement, or debt repayment.
2. Pay with cash as much as possible
Paying with cash helps control spending. Neurological research shows that paying with cash triggers a ‘pain’ response in the brain, making you less likely to spend. Using large bills like a 100-euro note instead of smaller ones amplifies this effect, helping you save more.
3. Take advantage of offers wisely
Groceries have become more expensive, so use offers and discounts to save money. To avoid overspending:
- Only buy the offers you need.
- Calculate if the discount is truly beneficial.
- Avoid impulse purchases driven by promotional tactics.
4. Enjoy with a budget limit
Set a weekly or monthly budget for indulgences like sweets, shoes, books, or coffee. Once you reach your limit, stop spending. This way, you enjoy life without breaking the bank.
5. Ditch the car for big savings
Consider selling your car for significant savings. Alternatives like cycling, public transport, or car-sharing can save you some cash. Employers often reimburse transport costs, and some cities offer incentives for going car-free.
6. Loyalty doesn’t always pay
While loyalty is admirable, it’s wise to reassess utilities like energy suppliers, insurance, and internet providers annually. Switching can save hundreds of euros with a few phone calls.
7. Waste not, want not
Reducing food waste can save an average of 190,000 per person annually. People throw away significant amounts of food, mainly bread, vegetables, fruits, and prepared meals. By buying thoughtfully, cooking appropriate portions, and understanding expiry dates, you can save money and help the environment.
Hack your budget by Sara Van Wesenbeeck is published by Lannoo
This article was syndicated from Marie Claire Belgium Flemish
Translated and adapted by Praise Vandeh, Marie Claire Nigeria Content Writer
