7 Great Budgeting Tips for 2015

culled from:bankingsense.com

The New Year is almost here, so it is time to start making your resolutions. If you have been having trouble with your finances lately, you should make a resolution to budget better! If you learn how to set up your family budget, you can save more money and feel less stressed about your finances. Here are seven great budgeting tips for 2015.

Start an Emergency Fund
One of the first things you should do is start an emergency fund. If you lose your job or get hit with an unexpected medical bill, you will at least have money to get you through the difficult time. Try to save at least six months of living expenses. Instead of buying that new blouse, put the money towards your emergency fund. Having financial peace of mind is much better than going on a shopping spree.

Use Cash
When you carry around a credit card all the time, it is very easy to spend too much money. That is why you should leave your credit card at home and use cash for all of your purchases. Only carry enough cash that you will actually need for the week.

Pack Your Lunch
How often do you eat out for lunch when you are at work? If you do it every day, you are wasting a lot of money. If you take the time to pack your lunch every day, you can save a lot of money. Eating a turkey sandwich might not be as exciting as going to a nice restaurant, but you will at least save money.

Cut Unnecessary Expenses
If you are like a lot of people, you are probably spending money on things you really do not need. For example, if you only have time to watch television a couple of times a week, do you really need cable? Go through your expenses and see which ones you can go without.

Track Your Expenses
Another way you can improve your budget is to track your expenses. Keep all of your receipts and debit card statements and look them over at the end of each month. You will be able to see where you are spending money and if you can cut anything out or not. For example, you may notice that getting coffee at Starbucks every morning is costing you over $100 each month. If you are more aware of where your money is going, you can stick to a budget a lot better.

Buy Generic Brand Items — and Know What to Buy Where
With all the generic brands available, there is no reason to buy name brand items all the time. Many generic items are just as good as the name brand items. For example, generic bathroom cleaners work just as well as the more expensive brands. If you start buying more generic brand items, you will be surprised at the amount of money you will save each month. You should also be aware of which items are best bought at deep-discount stores such as Family Dollar and Dollar Tree: Cleaning products, school supplies, gift bags and party supplies, toothpaste and more can often be significantly cheaper at the dollar store.

Have a Specific Goal in Mind
If you have a specific goal in mind, you are more likely to stick to your budget. For example, you might want to pay off credit card debt or save up for a down payment for your first house. When you have the urge to spend money on something unnecessary, just think about your goal.

Budgeting can be difficult at first, but it is possible to stick to a budget. If you follow these helpful tips, you can create a budget for yourself and become more financially stable. Once you get used to budgeting, it will become a lot easier. If you make some mistakes a long the way, keep going and do not get discouraged.