5 Budgeting Rules To Live By

We all want to manage our money better. Managing money always starts with a budget. Budgets are funny things, though, because although they are simple, they are not always easy. This is because making a budget work is mostly based on self-discipline and a lot of us suffer in this department.

Let's take a look at five budgeting rules you can start to incorporate into your life to help out live within your means.

Eat At Home

Planning simple means, sticking to your menu, and using your leftovers, is a time tested way to save money on food expenses. Although eating out is fun, it is better to consider eating out as a special treat, rather than a regular habit. The added benefit of eating at home is that you will often be able to eat healthier meals at home rather than at fast food places.

Recycle and Reuse

Even if you have worked on identifying needs vs wants, you can still fall into the trap of overspending on needs as well. This can happen when you start to think that every time you need something it has to be brand new. This is simply not the case. Recycling your old things and buying gently used things is a great way to meet your needs, save money, and even do the planet a favor by not introducing more waste into the cycle of consumerism and waste. Consider thrifting for items you need and donating items you no longer need.

Rethink Fun

We all need a little fun in our lives and the truth is, even if we are on a tight budget, we want to go out and spend time with friends and family. The money sucking trap here is that we often associate having fun with spending money. This does not necessarily have to be the case. You can have plenty of fun without spending tons of money.

Consider these free or very inexpensive ways to go out and have fun:

• Hiking

• Picnics

• Free movie nights held at theaters and libraries

• Free concerts held in your community

• Game night hosted at home or friend's house

• Potluck dinners with friends

Emergency Funds

Another important way to help stay on budget is to really truly prioritize emergency funds. Your emergency fund should be considered a bill. Just as important as your phone bill, you need to put a certain amount of money away each pay period into emergency funds. Emergencies are never a matter of if they will happen, but always a matter of when.

Look At Your Accounts Daily

Money is like a wild animal. If you don't keep a check on it, you'll have no idea what it is up to. (Use this 50 30 20 template spreadsheet to help) If you really want to stay on budget, look at your accounts on a daily basis. Hold yourself accountable for spending and balance your accounts according to the budget you set. If you have spent all of the money you had set aside for a certain category, then guess what, you are done spending in that category.

Jenn writes at her blog healthyhappyimpactful.com. She’s a mom of three looking to learn and grow. Check it out if you love helpful tips on health, family, and personal growth.