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Unless you have wealth to spare, there will always be times when you’ll have to stick to a budget. Whether t...
Unless you have wealth to spare, there will always be times when you’ll have to stick to a budget.
Whether the budget in question is for a holiday, a new home or a business project, you will reduce your stress levels if you keep your budget under control and don’t exceed it. Here are some simple tips to help you:
You’re never going to avoid going over your budget if you don’t have a budget to begin with!
Before undertaking any project, work out how much money you have to commit to it. It some cases, the exercise may result in the discovery that you don’t actually have enough to proceed—perhaps the holiday will have to wait until next year? Either way, it’s best to know from the start than risk financial difficulty.
The cost of everything can vary hugely. This is why companies advertise their special offers and why there are hundreds of price comparison websites!
A few hours spent online thoroughly researching things you require will almost always reveal some savings you can make. If you always allow salespeople to direct your decisions you can practically guarantee you’re going to pay too much.
Once your project is underway, keep track of your spending as you go along. This is as relevant to your daily holiday spending money as it is to spending on a new business venture.
Gail Cunningham, the spokeswoman at the National Foundation for Credit Counseling, stresses the importance of tracking spending, saying, “it’s a basic building block of financial success, but so many people don’t do it.”
Every budget should build in an element of contingency money. Perhaps you’ll become stranded abroad due to travel delays, or discover a problem with your property that just has to be fixed?
You don’t want situations like this to cause a disaster, so always put some money aside for unexpected developments.