How can a mom budget, live within her means and still have enough to save?
As a mom,you know that feeling when you
run out of cash for household expenses
before the end of the month, you still have pending expenses to cater for and you start “robbing peter to pay Paul” as it were (I hope you understand the expression)
I’ve been there and it’s a messy and frustrating situation and I would not like to be in that kind of situation anymore and you too can stop that cycle
You may doubt or reason that it’s not possible to live within budget or why should a mom even bother about it.
You should and it’s not rocket science neither do you have to be an accountant or be very good at maths to start being thrifty about spending money and yes it’s very easy and possible.
How do I live within my budget, cater for my expenses and still have cash to save? well I’ll tell you, I use the envelope method
This is how it works: Identify your expenses and track it with this envelope method. follow the steps below
Step 1.Identify your monthly expenses
Step 2: allocate an amount to it
Step 3. Get envelopes.
Step 4:write out the amount and expense on each envelope
Step 5: Apportion money to each envelope and keep aside
Step 6.spend accordingly and do not exceed amount.
When you run out of cash on that envelope, you have met your budget for that period and if cash remains after the alloted period,you save it.
This will serve to track your expenses and keep you in check so you don’t spend above what you have.
BENEFITS OF THIS METHOD
1. It keeps you disciplined with cash
2.It helps you track your expenses
3.It helps you to save money.
4.It can come in handy as an emergency fund.
5.Less wasteful spending
6. Helps you to live within your means
7.Eliminates impulse buying .
Try out and see because it is a tested and tried method that works.
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