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5 Budgeting Hacks for 2017

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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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