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Simple tips for easy budgeting

Thinking of your next big purchase or just wanting to better manage your everyday spending? Here are five tips to help you stick to a budget.

1. Set priorities. Map out your basic needs and go from there. If you commute 10 miles to work, having money for gas is much more important than, say, a premium cable TV package. But once you set your priorities, re-evaluate them every couple of weeks.

2. Reduce, don't deprive. Part of any budget is managing the everyday luxuries-from a favorite magazine to the occasional night out. It's important to set a budget for these purchases based on what you can afford, but don't deprive yourself. We're all human—and completely cutting out simple pleasures like these can set you up for failure.

3. Track progress. Regularly measure how things are going. It helps you understand where you need to make adjustments and can give you a sense of gratification when you're staying on track. If it's your first time making a budget, don't be surprised if you fall short of your goals—like with anything, practice makes perfect.

4. Think DIY. One of the easiest ways to save money is to take a "do-it-yourself" approach to things you enjoy. Think long term: If you are a coffee lover, upgrading your in-home equipment may come with costs, but it can save you money in the long run to make those lattes at home.

5. Budget and manage your money smartly. Find a way to manage your money in a way that works for you. Some consumers keep cash budgeted for restaurants, movies and other fun activities in separate envelopes each month.

—North American Precis Syndicate, Inc.

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Current Comments

5 comments so far (post your comment)

Thank you for sharing. This is such a helpful article for families with a lot of financial responsibilities

Posted by Jan on Thursday, 02.28.13 @ 11:04am

This is a very helpful article especially for families with a lot of financial obligations and goals. Thanks so much

Posted by Jan on Thursday, 02.28.13 @ 10:36am

It takes time,focus and discipline to handle one's finances. I look forward in learning new and proven ways on how to budget my money. Perseverance goes a long way.

Posted by Sarah Mallar Bucu on Monday, 02.18.13 @ 13:42pm

Well, I guess I would go for reducing expenses at the moment. I used to buy magazines almost every month. But for me to save, I just have to scrimp on buying expensive glossy magazines. Also, going out every weekend is not a must anymore since it's costly to go out with the whole family to watch a movie these days. Yes, saving up for the kids' education is top priority.

Posted by Emily Cal on Sunday, 02.17.13 @ 04:39am

Numbers 2 and 4 -- v. true! I'm not so good at doing things myself though.

Posted by A on Wednesday, 08.1.12 @ 11:50am