Hi I'm Edwin. I went from broke and hopeless to becoming a six figure blogger! Now I'm on a mission to teach other's how to gain financial freedom, ditch the 9-5 and make money blogging.


5 Ways To Create A Smart Budget

Having a budget is a must-have for anyone looking to take control of their financial situation at home. But sticking to your budget is much easier said than one. But with steady practice, staying on track with your budget can get easier over time.

Here are 5 ways you can keep your expenses down so you can stay on track with your budget.

1. Understand Your Income

Creating a personal budget is much easier than a family budget. When you create a budget for the entire family you need to figure out how much each person spends, but also how much they make. Earnings are often overlooked when it comes to a budget. But how much you make is equally as important as how much you spend. Some have kids with part-time jobs or summer jobs. Others have spouses who only work part time. Other times you get a year-end bonus.

Take all of these types of incomes into mind when creating your monthly budget. If the money varies from month to month (or season to season), just add the totals for the entire year (use last years tax returns for reference) and then divide that total by twelve.

2. Put Money Towards Your Savings Account

It may seem counterintuitive to put money into your savings while you still carry a debt like an auto loan or credit card debt. But having a healthy savings account is imperative to your financial wellbeing. If you happen to get into an emergency situation such as your car breaking down or an unexpected medical event, you will use your savings to help get you through it.

By not having enough in your savings account, you’re just setting yourself up to land yourself in debt all over again.

If you’re having a difficult time staying on track and end up with a debt you need to pay, there are no credit check loans online services available.

3. Give Yourself An Entertainment Payment

Life isn’t all about saving every penny you have. What’s the point of being the richest person in the cemetery? Life should be fun, so even though this article is to help you create a solid budget, don’t forget to have some fun too.

It sounds strange to put aside money for entertainment since having fun should be spontaneous. But you should allot a reasonable amount for entertainment each month. By being too strict on your budget you will only go nuts and go on a mad spending spree. By actually factoring in some fun each month, you are more likely to not get frustrated and stick to your budget.

4. Overestimate Your Expenses

Don’t you just hate when you make a budget and say your gas is $30, electricity is $50 and water bill is $80 and one bad month explodes your budget? Rather than trying to guess the exact amount each of your utilities cost, overestimate them.

This way, if you have a good month, that means you have more money to spend on “miscellaneous” expenses. If you have a month where you use a lot of energy, then you’ll be right where you thought you’d be all along.

5. Use A Smartphone App

Rather than writing down your budget on a piece of paper or using a spreadsheet, use a mobile app to help save time. There are some apps where you can even share your budget with your family members so they can all keep track of everyone’s expenses right from their smartphone. By doing this you’re making budgeting fun and involving the entire family.

How to create a smart budget to help you and your family save money. #budget #budgeting #personalfinance #cashthechecks


About The Author

Edwin is the money hacking millennial behind Cash The Checks. He lives a minimalist lifestyle and is always eager to learn and share his methods to save and make money.

  • James says:

    I stumbled on your site through the help of a comment on another blog. Edwin, i must say i appreciate the way you took your time to outline the points. I will also add, not overspending especially on frivolities.

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