Tag Archives: Budget

5 Ways To Be Better With Your Money This Year

A new year is a great time to check over your finances and determine your short and long-term goals. While many people want to spend less and save more, following through is the hardest part. Here are 5 simple ways to be better with your money this year.

Track spending on non-essentials

Your essential expenses rarely vary month-to-month, such as rent, mortgage repayments, groceries and car maintenance. However, non-essential purchases can have a significant impact on your saving goals. Think takeaway food, tickets and coffees. By tracking spending, you can figure out the best ways to save money. You might find that you’re spending several hundred a month eating out and might forego a meal out or choose a less-expensive restaurant.

Use the 24-hour rule for purchases

With online shopping so prevalent now, it is very easy to find yourself browsing your favourite stores. A great way to avoid impulse purchases and wasteful spending it to implement the 24-hour rule – wait 24 hours before purchasing an item. Take the time to decide if you genuinely want or need the item. Chances are you will decide that you don’t need it. If you still really want it after the 24 hours, you know that it will be a worthwhile purchase. For more expensive items, consider a one-month rule.

Get a money buddy

Money is a taboo topic for most people. However, talking about money can help you reach your goals and feel a little less alone. Trying to achieve financial goals can seem never-ending, and people may become disheartened. Find a friend, family member or co-worker who has the same financial goals as you, and pair up to motivate and keep each other accountable.

Enlist the help of professionals

Guidance can be essential to financial success and saving more. At The Farm Protectors, our strategic advisers will help you reach your goals, improve your health and ensure you have adequate protection against any future contingencies.

We’re here to help you reach your goals, now and into the future. Take strides this year to bridge the gap between where you are now and where you want to be.

Don’t Forget to Budget for Fun Money

Budgeting and saving money can be hard work. People often associate budgeting with strict saving and being deprived of any fun. However, a well-balanced budget should allow you to reach your long term financial goals, while still having a little fun along the way. It is important to set aside some ‘fun money’ to spend on whatever you want to help you keep on track with your budget. Below are three reasons why you should be including fun money in your budget.

1. Saving can be draining

Living on a strict budget can be very draining. You sit there, watching every dollar being spent on essentials. It gets tiresome and often leads to people giving up their budget altogether! Budgeting for fun will help take the pressure off. It allows you to reward yourself for working so hard to achieve your long-term goals, without feeling guilty.

2. Fun money can prevent big expenditures

A lot of people treat budgeting like a diet, starting out incredibly motivated and spending money only on the essentials. But doing this normally results in a big splurge purchase, something over the top and expensive that you feel incredibly guilty about later. By budgeting for fun, you won’t feel this urge to go overboard on a big shopping spree.

3. Fun money can take the pressure off relationships

Money has a significant impact on relationships, especially with a budget in place. It can feel like you are constantly nagging each other about every little expense and is often one-sided. With a little bit of fun money each, you can enjoy yourselves for some fun, whether it is together or apart.

Fun doesn’t need to be expensive. There are plenty of fantastic options and activities out there to have a little fun without putting a dent in your wallet. Everyone will have a different budget, just set aside what you can to enjoy yourself and make life a little more fun.