Stretch your dollars using Three simple budgeting basic
How can you stretch your dollars to cover your monthly basics? We will discuss three simple budgeting basics anyone can use.
Many find that they don’t have enough money to cover their bills. This is a common problem with most households these days. But know this, you’re not alone.
Stretching your dollars using three simple budgeting basics will be your best friend.
I’ll show you the three most important systems when it comes to managing your finances and creating a budget.
Even suggest tips on how to stay on track with your spending habits.
Keep reading: 11 Daily Habits Of Self-Made Millionaires You Can Copy
Why create a monthly budget ?
The main reason you need to create a monthly budget is that budgets provides you with a framework for managing your finances.
Additionally, budgets help to keep you on track as you go through life.
After starting your first household budget, you might need to start another like an emergency fund. Here are some reasons you want to start a budget:
- You are newly married and would like to buy your first house.
- Most households forget to plan for an emergency fund.
- Your goal is to stay out of debt and remember that a budget helps.
Bonus topic: How To Save For An Emergency Fund Properly
Where to Begin When Creating a Budget
When creating a budget, start with your monthly expenses and income.
A basic idea is using an excel spreadsheet. You can simply copy the numbers from your paycheck and paste them into your budgeting spreadsheet whenever you get paid.
Others prefer using an online budgeting tool such as Mint. These tools allow you to enter your income and expense data directly into the program. You can link multiple accounts to have access to everything all in one place.
For me, apps like Mint, are the best our family uses to handle our spending and stay on track with our budget worksheet.
Credit card purchases are sneaky, they make budgeting tricky. But with the use of these online tools, you have better solutions for your money.
Be sure to create monthly budgets, and this will be a complete view of your expenses.
Tip: How To Budget For Busy People. 4 Different Methods
1.Practice self-awareness

Self-awareness of your spending habits is important when starting a budget. Once you’ve identified your weaknesses, it’s time to make a financial plan.
Start by creating a budgeting process. Budgeting is the best way to ensure that your spending is controlled and saving towards your goals.
Create a budget in many different ways. All budgets include three basic steps:
- Identify your income and expenses
- Set goals for each category
- Track your progress toward those goals.
Here are a few examples of temptations that wreck your budget:
Mid-month stress shopping: If you know you’re likely to borrow a little out of savings to fund mid-month stress shopping, then reduce the temptation by moving the bulk of your savings to a different account than checking now it’s out of sight and out of mind.” If you tend to spend all of your money at the mall, avoid it altogether.
Dining out: If you’re tempted to eat out, whether it’s a convenience or boredom, buy groceries and find delicious recipes online using Cookist that you like so you cook at home.
Impulses: Identifying your weaknesses can help you stay on track with budgeting basics. Having an awareness of spending is the main reason why a budget works.
2. Assess Your Income
Evaluating your income is a great starting point when developing your budget, you have a clearer view of how much money you have available to work with.
If you’re married, be sure to include your spouse’s monthly income.
Additionally, include any other cash flow sources from side hustles or any income sources you have. All the extra money can be used for spending on things like vacations or home improvements or factored into saving plans.
3.Tracking Your Monthly Spending
Tracking your monthly spending is a successful starting point to creating a realistic budget.
Get started by listing all your fixed monthly expenses, such as your mortgage, car, rent, or utilities.
A balance sheet with a running total of how much goes into each category is very useful.
While it’s impossible to predict precisely how much you will spend each month, it’s essential to find out where your money is going. With knowledge of your spending you can better prioritize your expenses.
To ensure that your fixed costs are covered, put a few dollars aside at the beginning of each month.
If saving money is not possible after creating your budget, evaluate if there is a way you can earn more income.
If possible, adjust your current budgets and see if there are other solutions. Sometimes using certain account credit cards to make payments that have lower interest rates can help.
Use the lower interest credit cards until the high balance cards are paid off to free up debt faster.
Credit card companies have options and will be able to help out if you need it. Just take a little time looking for your best option.
Summing up,
Budgeting can be very basic or super complicated. It is entirely up to you.
Your goals and your income will determine how you can strategize your budget for success.
Keep your budget simple. The goal for budgeting is to stay on track.
As a general rule, we recommend getting your entire household on board with the budget.
Keep everyone aware, advise your family where they can help and the areas that require most attention. Good luck budgeting!