Tip: Revise your budget

TIP:  After creating your budget and doing your best to stick to it, take a look back and make adjustments to areas that need attention.

It’s almost always necessary to keep readjusting your budget. You thought you were off the hook, didn’t you? The bulk of the work is done but small investments of your time and effort will keep your budget in working order and your finances flowing smoothly. Did you over-spend on groceries? Did you underestimate your utility expenses? If so, go back to your budget and make adjustments so that things are more accurate next month. While you continue to work on your budget, check out these tips to help you save money and work when it comes to paying bills.

You can save money by making automated payments from your checking account!

Bill Payer
Does your bank offer online bill payer? You should definitely take advantage of this free service! You save paper, stamps, and a trip to the post office by letting your bank to all the work for you. Using bill payer helps you maintain complete control over when payments are sent and received.

Automatic DebitInsurance companies, creditors, and other utility services might also offer automatic withdrawal from your checking account. You set up the withdrawal date and never have to worry about sending in payment manually. No more late fees! As long as you have money in your account, you’re all set!

Automating payments makes managing your money a bit easier and is most successful when you stay on top of it!

Don’t forget to check out all the available money management resources on theBelieve in Your Future website!!

Tip: Stick to your guns!

TIP: Stick to your guns!! Sticking to your budget might be the hardest part. Unless you’ve got super powered self-control, get creative about how to keep your spending under wraps.

Once you’ve created a budget, you’ve got to stick to it! It takes discipline, but with some helpful tools and ideas, you can do it. Check out all the great budgeting resources on the Believe in Your Future website.

• Cash System: To keep from over spending, try putting cash in envelopes for things like groceries, entertainment, eating out, etc. When you head to the store, or out for some fun, take only your designated envelope. You’ll be forced to stay within the bounds of your budget, and knowing exactly how much you have now, and what you might need later on, will help you keep your spending in check.
• Use Technology: Your best budgeting tool is no longer a simple 10-key calculator! You can use a spreadsheet to track, categorize, and calculate your expenses. There is also an array of free budgeting systems available on the web, many of which have accompanying applications for your smart phone. Carry your budget in your pocket! Check out www.yodlee.com for a snazzy program that integrates all your bank accounts, tracks your budget, and alerts you when you’ve over spent.

These are just two ideas. What techniques are you using? Please feel free to share!

Tip: Be flexible

TIP: When creating your budget, make adjustments to areas where you are over spending.

Once you understand your current spending (see last week’s tip: track your expenses), identify items that need changing, and keeping long-term financial objectives in mind, set goals for what you want to accomplish with your budget.

Tracking expenses can often be an eye-opening experience.  You may discover that you’re spending more at the coffee shop or vending machine than you thought! Now that you know just exactly where and how you are spending your money, you can make realistic decisions about what your budget should look like. If you’d like to rein in your spending in a certain category, set your limits a little lower and try to stay on target. Keep in mind your long-term goals and make sure to allocate money for savings or to pay down debt.

There are several resources available on the Believe website to help you create your budget. Check them out here.

Tip: Track your expenses

Greetings Believers!! Bill here, giving you your money tip of the week.

TIP: The first step to creating a realistic budget is to track your expenses.

This month is all about budgeting. A budget is simply a plan to help you use your money the way you want it to be used—it’s telling your money where you want it to go instead of wondering where it went.

The first step to creating a budget is to identify how you are currently spending your money.  To do this, you’ll need to track your expenses. Keep a log of everything you spend whether it is a mortgage/rent payment or fifty cents in a vending machine. Once you have a good idea of how and where you are spending money, you’ll be in a better position to create a realistic spending plan.

So start tracking today! And stay tuned for more budgeting tips all month long!

Check out these great budgeting resources available via the Believe website!