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5 Budgeting Hacks for 2017

5 Budgeting Hacks for 2017

It is a new year and that means new goals and renewed dreams. Most people split their goals into a few different categories, and inevitably there is always one category about money and budgeting.

Budgeting definitely has a negative connotation to it. Who wants to limit what they buy and not have everything they want? However, budgeting has been proven in multiple studies to help people feel more in control of their life. In fact, people that stick to a budget tend to be happier than those that don’t.

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Here are a few hacks that may assist you as you prepare this year’s budget.

1. Apps

There are dozens of interesting and unique budgeting apps out there. Some are more well known, like Mint, while others provide a similar service, but are tweaked for different kinds of people. These apps are designed to help people create a budget, and then to keep track of where all of their money is going. If you create a budget, but do not continually watch it and monitor it, you are more likely to go off track.

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It doesn’t matter which app you choose, but if you would like to stick to a budget in 2017, a budgeting app is a great way to get started.

2. Save on food

Most people do not realize what a large part of their income they spend on food. While food is essential to survive, we often purchase extras that are exorbitantly more expensive than they need to be. One habit that many budgeters have is called freezer meals. All you need to make these is something called vacuum sealers. With a vacuum sealer you can plan out meals for weeks in advance. Then you can make them all and seal them up in freezer bags. Once you have the sealer, it is only 25 cents to purchase a bag for sealing. Most families report huge savings once they go this way. For one, this allows you to purchase bulk food, which is always cheaper. The second way this tends to save money is it limits how much a family eats out.

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3. Save

Do not make the mistake of planning on spending all of your income in a budget. Instead try to save at least 10 percent of everything you make each month. Try to put half of that money towards retirement and half towards a rainy day fund. Something will always come up that is outside of your budget and this will help you to be prepared for that moment.

4. Tell people

There is something about accountability that makes people do better at everything. Budgeting is no different. If you are setting a personal budget, then tell your close friends and family members. If you are setting a budget as a family, then hold yourselves accountable to each other. Try to make sure the people that you spend money most often with are aware of your budget limitations so they are not constantly trying to get you to spend money with them. Chances are good that you may inspire them to start budgeting as well!

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5. Don’t give up

Something will invariably come up and you will have months where you do not stick to the budget. This is life. Do not let one bad month ruin your budgeting inspiration forever. Stick through the bad times and the good times will feel even better. Remember, it has been proven multiple times that budgeting brings long-term happiness, even more than money, which most studies show is barely linked to happiness.

Enjoy budgeting! As you control your life, you will feel good. Some day when you are perhaps making more than you do now, you will look back on the budgeting years with fondness.

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Spencer Mecham

Personal Finance Coach, Digital Marketer

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Last Updated on March 29, 2021

Life Insurance: A Secure Way To Protect Your Future.

Life Insurance: A Secure Way To Protect Your Future.

Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

Importance of getting a life insurance

No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

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On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

Choosing the right insurance plan

If you’re about to select an insurance plan, you should consider some important factors:

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  • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
  • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
  • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

Differences between life insurance plans

Here’s a short brief of some plan categories you can choose according to your needs:

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  • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
  • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
  • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
  • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
  • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

So what are you waiting for? Plan for your future and live a happier and carefree life today.

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Featured photo credit: aryehsampson.com via aryehsampson.com

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