“My No. 1 budgeting tip is _______”
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Moving money to a bank account to be used as investments as soon as I receive salary.
I set my budget after I’ve considered my financial goals and taken time to reflect on my money values.
One small tip: Staying on track will be much easier if you’re working towards something that matters to you.
If you’re thinking of buying something you’re not 100% sure you need, add it to the ‘wishlist’ for that site, and more often than not you’ll know if you actually want it after a couple days
And amazon now also gives you price drop notifications, does not necessarily help in budgeting but reducing spends if you are definitely going to go ahead and buy! Wishlisting helps you to postpone an unnecessary expense till it becomes necessary!
I am not sure what’s exact answer, but focus on these parameters:
- Airline Travel (in case of living abroad and visit to India - for Overseas Workers & Students abroad)
- Communication - Mobile Bills / Travel
- Food Expenses
- Transportation - ex. for workplace
- Any medical expenses, from time to time - depending on circumstances
There should be sufficient funds first to cover up the above, before thinking about others! You need to cover up these expenses - regardless of having investments or not.