Making your budget last weeks is harder than it sounds.
While you may have accounted for everything from food and bills to activities for the kids, there always seems to be something that pops up out of nowhere.
If you’re struggling to make your budget last for the week, let’s take a look at 5 tips for making it through.
1. From Zero to Hero
Ever heard of a zero-based budget? This is when you sit down before the week has even begun and plan out your budget so that you know where every dollar is going.
This doesn’t necessarily mean that this leaves you with absolutely nothing in the bank account. What it means that when you calculate your outgoings against your incomings, you will get zero.
2. Prioritize the Right Things
When figuring out how to make the budget last and what it needs to be spent on, start with the most important things first, like food, transport, and the bills.
Once you’ve gotten this out of the way, you’ll have a clearer idea of what you’ve got left to work with. With this, you’ll be able to stretch it further and maybe have a little bit left over at the end of it all.
3. Use a Title Loan
If you’re finding that week after week you’re not able to make the budget last, try taking out a title loan against your car.
This means that you’ll be taking a loan out against the value of your car, so the loan can be equal to or less than how much your car is worth. This is a great way to take out a low-risk loan against an asset that you already own so that you can see the week out with your budget.
4. Stop Comparing
When you have friends and family, it’s easy to compare your lifestyle and budget to theirs. If they seemingly have more, then you’ll spend more of your time thinking that you need more, too.
However, it’s essential to be content with what you have. While some weeks you may struggle to stretch the budget to last, you’d be surprised at how much you actually have – especially compared to some out there. This will make you value every last penny and spend the budget in a way that prolongs its life.
5. Be Goal-Oriented
Living week to week and paycheck to paycheck is something that a lot of people do, and a lot of these people want to find a way to live beyond this.
A great way to start moving beyond this is to have real, achievable goals. Whether it’s wanting to have enough to save $50 a week or cutting down on those other expenses that aren’t necessary, it’s great to have real, tangible goals around your budget that you can be working towards.
Having your budget stretch out until the weekend is easier said than done. However, it’s not impossible, and with our simple, yet effective tips, you’ll be able to get it there in no time.