How to win desires and Strictly spend within a budget.

Spending within your budget is easier in theory than in practice. It is very hard for us human beings to strictly follow our budgets.

It all needs practice in order to strictly spend within your budget. below are tips that I started practicing over three years and they have enabled me to track my monthly budget. You also can make it.

let us look into them one after the other …

How to win desires and strictly spend within a budget

1. Make Sure you have Paid your Savings Bill First.

Whether you are employed or self-employed after you receive your monthly salary make sure that your savings account has been credited with the required amount.

Treat your savings as your priority and direct deposit as a set amount channeled directly to your savings account after each salary.

For example, if your monthly salary is Ksh. 30,000 ($300) and you chose that your monthly savings will be Ksh. 10,000 ($100), you must channel the amount immediately after you receive your pay.

2. Learn about your Earnings.

You should be able to break down the amount of money used in your household, weekly, monthly, and annually.

It will enable you to know the amount of money to be allocated for different purposes. It makes it easier to create a budget for your homestead.

For example, you can allocate 50% of your monthly salary for basics needs, 20% as savings, and lastly 30% for other needs.

3. Refrain from Over-spending your Money.

You should be able to work on minimizing your expenditure that helps in abiding by your planned budget.

It is only possible through practicing saving and avoiding occasions that open doors for wastefulness. It is wise to avoid using cash and instead use cards.

Having your funds added to your mobile money transfer service is more tempting – it needs the highest level of discipline to control the urge to spend this money. 

Cards make it easier to calculate your weekly, monthly, and even annual expenditures. Cards may also restrain your spending habit in a way.

4. Use a Ledger to Keep your Budget and Expense Reports.

After every spending, make sure you record the amount of money spend on the particular item, the money budgeted, and record the information in your ledger.

It will help you to follow your budget strictly, minimize your desires, and control overspending.

5. Budget for the Unused Money.

Sometimes, you may plan a budget and spend less money than expected. The unused money should either be transferred to your savings accounts or the emergency funds. It will enable you to avoid misusing the money on worthless things.

6. Learn to Minimize your Expenses.

Finally, it is important to save money mostly allocated for fun occasions. For instance, it is wise to save money set aside for drinks, honeymoon, or even trips.

7. Make friends of common interests 

Friends can psych you up to save or keep spending and spending always. It is a nice move to make friends who discuss more on ways you can make money and how to save well. If non of your friends is saving then you may never find the importance of saving.

You may even join Facebook groups on finance and compete in monthly or annual saving challenges.

Final thoughts

It all starts with the mindset, Once you get started and you make it a routine – it will eventually develop into a character. You will find it easier saving than spending. I don’t mean that you ought to ruin yourself to starvation in the cause of saving.

Do some common-sense analysis of your personal income and what you can spare to save. Just avoid not starting to save today no matter how little you will be saving.  Don’t wait to be great to start saving but rather start small, it will be great one day.

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