Find more budgeting tips on this page to help you keep your frugal budget plan in control and on course.
Once you have completed your plan, it is now time to really look at it in detail. You will now know if you are living within or above your income.
Living within budget - great but hold on, this is no time to get complacent, you may still be spending too much on certain items and you could still be making more savings.
Living above your income - don't panic but do realise that this can't go on. Living beyond your income will end up with spiralling debts and your income will go on paying interest rather than paying off the debt. Instead go through every item on your budget and ask yourself these questions:
This might mean some time looking into cheaper deals on insurances, credit cards, mortgage payments, utility suppliers etc but you could end up saving yourself a lot of money.
If you still need to make more savings after this to live within your budget here are a few more budgeting tips:
Ok so you've got your frugal budgeting plan, but how do you stick to it and how do you stop yourself falling into the same old traps?
Step 1. Tell close friends and family about your plan.
Yes this may sound strange but it works as an incentive for you to stick to it. After all you don't want to have to tell everyone that you failed.
Step 2. Don't trust your bank statement. Many people fall into the trap of looking at their statement and believing that's how much money they have.
All it really tells you is what your account is like on that day, it doesn't take into account any future out goings. Instead trust your budget plan and keep it up to date.
Step 3. Create several other bank accounts for things like your personal spending and holidays.
Set up automatic transfers from your main account, so that money is separated out (make sure accounts for holidays and savings are in accounts that pay the highest interest).
Then only use your personal spending account to take money out of, once it's gone it's gone. This works wonders and really helps to keep you on track.
If you have not already visited the frugal budgeting page, you will find more budegting tips there too.
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