If you think that there is still a lot which can be learned from past generations, when it comes to budgeting and finances, continue reading to discover a few timeless, old school budgeting tips.
Old school budgeting financial tips:
1. Make sure that your monthly expenses are less than your monthly income
The first old school budgeting tip which you follow is to ensure that your monthly expenses are always less than your monthly income. As that way, you’ll ensure that you live well within your means. Unfortunately, a large percentage of individuals fail to follow this simple principle and end up getting further and further into crippling debt.
So if you want to ensure that your finances remain healthy, remember never to spend more money than you earn in a month!
2. Use a budgeting book to write your monthly budget instead of using an app on your phone
When you physically use a pen and paper to write down your monthly budget, you’ll be far more likely to take your finances seriously than if you use an app to compose your monthly budget.
3. Keep all of the reicepts which you are given
It’s a great idea to keep all the receipts which you get given in safe place so that you’ll be able to accurately track each cent which you spend. Just be sure to factor in all of your online purchases to your monthly expenditure and to keep your digital receipts as well as your paper receipts.
4. Use a highlighter to highlight the total amount of money which you’ve spent on your receipts
In order to make it easier to track your spending, use a highlighter to draw attention to key numbers such as the total amount which you spent at a store.
5. Only purchase big-ticket items if you can afford to pay for them using cash
Learn from your parents and grandparents generations and hold of on purchasing expensive, big-ticket items such as a new car, a refrigerator or a television until you can comfortably pay for the item which you have your eye on, with cash.
If you get into the habit of following this simple rule you’ll be able to avoid getting into debt and will have a much brighter financial future than your friends who constantly swipe their credit card in order to fund their lifestyles.
6. Set a budget for every shopping trip which you embark on
Whether you plan on driving to your local grocery store in order to do your weekly shopping or you’re headed out to the mall to purchase a birthday gift for a family member or friend, make sure that you have a clear budget.
As otherwise you’ll be extremely tempted to blow your budget, without realizing the negative effect that your impulse purchase or purchases may have on your monthly budget until you get home. Or see your bank account statement online.
If you follow the old school budgeting tips listed above, you’ll have a high chance of securing a bright financial future!