- Emma Anderson
- September 14, 2019
There is no denying the fact that budgeting is the simplest and most effective tool that anyone can use to achieve financial stability. And, the majority of the people are fully aware of this fact and they put their best efforts to create the killer budget that can help them save good money. However, despite creating the budget, there are many who are still failing in their budget and falling behind. Even after following the budget strictly the entire month, your financial condition is still the same or even getting worse. Well, what could be the reason behind this failure? It could because of an inadequate budget that needs some modification.
Creating a monthly budget is well and good for the people who are currently financially stable right now who are planning for their future. But, when you are in a situation where you are facing financial emergencies every other day and having hardship in even meeting up your daily needs, a monthly budget is certainly off the table. Budgeting is like creating a to-do list that you have to perform with your money every week. Also, as you are currently in a bad shape, your financial circumstances will not the same every week and that will mostly change as per your decisions.
Now, creating a weekly budget is not a piece of cake and is even tougher than a typical monthly budget. Here, we have mentioned a few useful tips that can help you budget weekly rather than monthly. So, let us see them one by one.
Write Down Your Expenses
The first thing that you have to do is write down all your expenses on a list and the average amount that you generally spend on them. Today, we are surrounded by numerous expenses both small and big that drain our money easily. Therefore, you must figure out what are the expenses that you simply cut or reduce which will not affect you by any means. These are the monthly expenses where people spend their majority of income:
- Basic utilities
- Debt repayments
- Insurance premiums
- Transportation cost
- Club membership (if you have any)
Apart from all these expenses, sometimes we face unexpected situations that take away a good chunk of your income. Thus, it is better to get a clear idea of all the money and that is going away from your pocket so that you can know which one you need to cut in order to get on the track.
Know The Due Date of Your Bills
After you have got the clear idea of all about your expenses, your next major task is to know the payment date of all your bills. It can get simply confusing when you have so many bills to pay like paying rent, electricity bill, pay your credit card, phone bills, insurance premiums and many others. So, it is important for you to know the due dates of your bills and then you must create a schedule to ensure that you certainly don’t miss any of your payments.
Not able to pay your bills on time is one strong indicator that you are financially not in good shape. Always try to be punctual with your bills as they are the building stones of your credit history that determines your creditworthiness in front of the financial agencies. However, if somehow you are not able to delay in the payments of your debt, then you could seek financial assistance from a direct lender who offers bad credit loans with no guarantor where you won’t be asked to provide any collateral and you can get the fund easily without any credit check to make the payments.
Always Have a Goal
Now, it is important that you have goals in your mind that you want to reach within a particular set of time. While creating the goals, make short term and long term goals as well. There must be big plans that you want to achieve in your life like buying a home, car or any other big purchases, so ensure that you are budgeting as per the goals in your mind.
So, these were the crucial elements that you must add to prepare a weekly budget which in actual can help you achieve financial stability in life.