Personal budget strategy to consider this 2018
What is it
about the New Year that makes us want to do something or set a resolution like
eat healthier, get more exercise, save more money, take up a new hobby? May be
it’s just that time of the year where we want to make a list of
self-improvements - again. But if your
New Year’s resolution involves strict budgeting, there are countless of ways to
make your funds work the way you need it to.
It’s more
than just saving money, because the real question is, how? Global Fintech company Home Credit has six tips
that you may consider when doing your budget plan.
Track your spending
Ask for
receipts whenever possible, so you can log your expenses every day. You’re not even required to log them in an
Excel spreadsheet (but if that works for you, go ahead!) –just keep it
organized, so you can review it anytime.
Remember, your goal here is to be aware of your daily spending habits so
you’ll know the things you can live
without.
The Slush fund
Be
it an emergency or a car repair, there are high chances of encountering these
unfortunate incidents. Keep them from
running you into debt by having your emergency fund in an account that’s easily
accessible for you. But use them only
for emergencies!
Focus on one thing
A
house? A Car? Or just start little like a new appliance or
a gadget? The point is to determine one
specific goal and focus all your efforts on obtaining it.
You
can’t have many financial goals and try to achieve them all simultaneously
without draining your other funds.
Prioritize one objective and figure out how you are going to get there. If you think this means you’ll have to trim
your expenses, you’re right.
The fun fund: cut down on it
There
are just some days when you can’t resist the impulse to buy something out of
boredom. Either that, or you just choose
to spend on unnecessary things when you can just opt for a cheaper—rather,
simpler way of living. Once you have
tracked your spending and found what you don’t need, try to gradually—if not
immediately—take it out of your system.
The list
List,
list, and list. You’ve heard it again
and again to emphasize its importance.
If you have a list for even the smallest things you need to buy, you’ll
less likely spend on impulse purchases and only stick to what you’re looking
for. Of course, it’s a totally different
issue if you decide to buy something else instead of the one on your list!
Installments
If
you’ve already come up with a budget plan, but think that the monthly costs
might still be heavy for you, then you might find it hard to do one time big
time payments. Rather than one all-out
spending, how about pay in installments to make your monthly costs lighter? Imagine paying for them and still having enough
money!
It’s
possible, even if you have no credit card.
With Home Credit, you can buy yourself a reward and pay for it through
installments – at 0% interest rate.
Through their simple application process and fast loan approval, you can
afford the things you want, and still have spare budget to add to your other
funds. It only requires your two valid
IDs, a filled-out application form, and 20 minutes of your time to get
approved.
Budgeting
isn’t just about living the matipid lifestyle, as we Filipinos like to call
it. It’s more on handling your funds
wisely by setting your priorities straight and maintaining your discipline to
stay within your limits. And if you
followed our advice to set your focus on one thing, Home Credit’s installment
promos will make sure that you’ll get it in a budget-friendly way.
For
more info about Home Credit’s promos, loan applications, and store locations,
visit www.homecredit.ph.
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