Detox your budget

By admin
02 January 2015

It's a new year with new goals and bigger plans which might mean more money and while your income might not be growing you might need to stretch your Rands a little further . Here are 5 easy tips to a healthier bank balance .

- prioritize your debt

Take care of your debts before you make plans to spend . Debt accumulates interest over time so the sooner you settle it , the better .

-know exactly how much you spend

The only way to know you're spending too much is to know exactly how much you spend , take a good look at your monthly expenses and decide if you could get the same service for less some where else . Check your super market , insurance , medical aid and bank charges , you could save money just by changing who you do business with .

- be realistic

Spending only half the amount you usually spend on groceries would be great but it's probably not going to happen . Be realistic about what you can change and how much you can change and budget accordingly . Budgeting too little could leave you short of cash at the end of the month .

-saving is an expense

Saving whatever you have left at the end of the month just isn't good enough . Set a goal for how much you want to save and plan how you're going to do that each month and make saving part of your budget .

-get support

If your income supports your family or your finances are tied to your partners then you need to discuss the changes you are making to the budget and help each other stick to it .