Tackling Budget Problems in 4 Easy Steps

Posted on 14 Nov 2016 by Daniel Treasure
During a financial crisis it can be easy to overlook some of the most apparent issues with budgeting. There are different tactics and techniques that could completely alter a difficult living situation and free up some money for you.

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 Enduring tough times can be down to a number of aspects in your life and although they appear rather complex, there’s something everyone one with money problems has in common. They are spending more than they are earning. It makes a tough period sound ridiculously simple to resolve, and although it’s not entirely easy as there are bills, children, a home and food to take care of while working our butts off, it does help simplify money problems. We list some of the ways that you could start budgeting and reducing your overall expenditure.

 

 

Write Down your Budget


It’s one thing saying that you are now being careful with money, but is that really true? Okay, you resisted that shopping treat and also rejected a dinner date, but did you make up for it by spending twice as much the next week? It’s not about depriving yourself of nice things, after a week of working hard we all deserve some ‘down time’ and a few shopping sprees, but we have to be real to ourselves.

 

Plan a Budget

It may not be as easy as getting a pad out and start jotting down what you need to do. You may need a good hour for this, print out your bank statements, bills, receipts and pension contributions. Pick up on common patterns that you notice and write it down, this could be a huge help when drawing up your final budget plan. You may notice that Starbucks appears on your bank statement on a daily basis, lets say you buy one on the way to work at a cheap £2, that’s at least £10 a week and £40 a month. These kind of things could be altered by having that drink at home or when you reach the office, these kind of things could make significant changes.

 

Be Realistic

It’s no good setting unrealistic targets that we can’t meet. If you need bus fare each day or have no choice but to buy a certain amount of food each week, it does not make sense cutting it down. There are tactics we reveal in the next step, when it comes to saving on our overall spending. But, in the meantime, be real and concentrate on the things that can be reduced.

 

Write it Down

Once all the tedious research has been carried out, you can finally start writing down your budget plan. It sounds easy doesn’t it, that’s because this part of it is, even though you won’t feel like you have achieved much by simply carrying out this protocol you will have became mindful of your spending. Start limiting drinking and eating out, ensure money for your essential bills and cancel things that are unnecessary such as the unlimited movie channels that you never watch or insurance for a phone you no longer own.

 

Reduce Weekly Shopping Bills


Cutting costs of your weekly shopping can be done with a number of tactics, follow some of these tips to enjoy a noticeable change.

 

Approved Food

You may have heard of this company in the past, their concept makes it easy to embrace the best bargains on the market. The business model is based on the ‘use-by’ and ‘best before’ dates, supermarkets have to throw perfectly good food away when they reach the best before date, but approved food sell them up until the use-by date. All of their food is perfectly health and has been recommended on the BBC, plus other reputable companies or authorities. It’s now possible to get 5 boxes of Cadbury Fingers for as little as £2 instead of the £7.50 RRP. Utilise our Approved Food voucher codes to get five 7 Up bottles for the price of 1, plus many other unparalleled offers.

 

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Our team of experts enable all online customers to take advantage on every single promotion around. All that’s needed is some of our specific codes that are found, then all that’s left to do is use these magnificent promotions. Reduce weekly shopping costs with Sainsburys promo codes offering £18 off your shopping.

You can also enjoy money-off clothing or homeware with Debenhams promo codes allowing 20% off their extensive range.

 

Cashback

Another useful app and website that could help you save a little bit of money. If you aren’t familiar with Top Cashback, it’s a money saving website that allows you to shop via their website and then get cashback. Once you accumulate so much money in your account you will be able to use it at a particular merchant’s store or withdraw the cash into your bank.

 

Compare Prices


How can you be sure that you are doing everything in your power, to save money if you aren’t even comparing prices? There’s no excuse to abandon this tactic these days. There are a number of ways to do this, get an app on your phone that can compare while you shop. Whenever renewing home insurance, car insurance or buying a new handset then use the Internet to see the contrast from company to company. Use the likes of Go Compare and Money Supermarket.

 

Luxuries


Differentiate between necessities and luxuries; the aforementioned coffee isn’t really a necessity. The food out and the new shoes each week aren’t either. Is it worth paying extra on your new car or mobile phone? It might be, it’s all-subjective to each individual and that’s why researching what you spend each week, what you earn and whether you really need it is important. The thing with budgeting, is there’s not one method that suits everybody. You will have a different income and maybe a different aim to other people, but by applying some of these simple tactics it could definitely help you.

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