If you actually want to budget without turning into a total hermit, you’ve gotta dig a little deeper.
And that’s exactly what we’re doing with these five budgeting secrets that more people should be talking about.
Budgeting is the heart and soul of your financial health and future.
Here are five expert budgeting tips nobody talks about (but should!)
1. Track Every Expense — Every Single One
Pro budgeters don’t let anything slip through the cracks. They know the moment they miss something they’ve purchased, no matter how minor, they lose the plot with their budget. Keep track of your expenses by holding onto receipts and budgeting on the go with a mobile app.
2. Audit Your Budget Often
Too many people trust their first instincts with their budgets. And while it might get you by initially, there’s always room for optimization. Financial gurus agree that regularly reviewing your budget to identify areas for adjustment is crucial for financial growth and maintaining accountability when you stray from your plan.
3. Treat Your Savings Like Your Mortgage
If you want to get somewhere with your savings goals, consider it a non-negotiable expense. Paying yourself first is a common ideology amongst budgeters, and it’s one of the best ways to ensure you’re always meeting your monthly savings quota.
4. Automate Whenever Possible
Automated withdrawals from checking to savings and automatic bill pay are instrumental for the savvy budgeter. They free up space in your head so you don’t have to remember everything while also ensuring you never miss a payment. They’ll also keep you honest about your savings plan since you’ll have to have the money in your account to cover the withdrawal.
Read More: How To Pay Yourself First
5. Don’t Forget Your Safety Net
The financial safety net or emergency fund should be another on your list of non-negotiables. Experts suggest your emergency savings have at least three months’ worth of expenses. In fact, many would argue that building this takes priority over any other type of savings, and considering how quickly life can change, we’re inclined to agree!
