3 Budget Tips To Avoid Busting Your Budget
April 1, 2021 | June Mckaig
There are plenty of budget tips out there teaching how to set up a working budget. What these budget tips forget to teach is how to avoid busting the budget. Which is a problem even seasoned budgeters encounter once in a while.
Here’s the deal: if you’re just starting, you’ll likely bust your budget. Readjusting spending habits is hard. It will take some time. Luckily, there are some tricks you can employ to decrease the chances of it happening. And if you've already gone past your budget and need cash immediately, we'll show you how to get fast title loans.
1: Try Using Cash Envelopes
Probably one of the most popular budget tips going around, courtesy of David Ramsey. You budget a certain amount of money for different expenses, then stuff each named envelope with that exact amount of cash and work from there.
The idea is that when you’re paying with cash and see the amount of money in the envelope decrease, you get more cautious with spending.
As budget tips go, this is a shaky one – it might not work for everyone, and many might find it inconvenient, especially if they pay for fixed expenses via internet banking. You can try just partially implementing it at first – say using cash envelopes only for groceries, allowances, and so on.
2: Never Go Shopping Without A Shopping List
This option also includes online shopping. Browsing the aisles and dumping anything that might seem useful in the cart is often why we 1) overspend; 2) let a large part of our groceries go bad.
Instead, compile items you need into a list after carefully revising your fridge and pantry – and then stick to the list at the shop or an online store – however you prefer doing your shopping these days.
As budget tips go, this is probably the most effective one – as long as you manage to stick to it. Both physical aisles and online shops can be a rabbit hole you can easily go down, busting your budget.
Sticking to the shopping list can be hard at first, but if you manage to form a habit – in the long run, it will go a long way.
3: Automate Your Savings
Treat your monthly savings goals as a monthly pay cut. As budget tips go, this is probably the simplest. The moment your paycheck comes in, have a set portion of it transferred directly into your savings account.
As with other budget tips, this one won’t necessarily stop you from busting your budget. But it does leave less cash to “go around”. Having money automatically deposited into the savings account simply doesn’t leave enough time for you to spend extra – or, at least, spend what was supposed to go into savings.
If you don’t implement any other budget tips from this list, implement this one. After all, achieving savings goals is one of the primary functions of a budget.
Why Are Savings So Important?
There’s a large chance that you might bust your budget due to an unforeseen expense.
Savings, be it short-term or long-term, are supposed to act as the foundation for your financial life. Better your savings policy, better the financial stability. While long-term savings such as retirement and investments are supposed to take care of you later in life, short-term savings – emergency and sinking funds – are supposed to stop you from going into a money hole in case a large expense pops up.
An emergency fund should hold around 6 months’ worth of your expenses. This should be able to cover anything from car breakdowns to worst-case scenarios like long-term sickness and job loss.
When you don’t have an emergency fund, you’re left to scramble trying to get cash together from different avenues – and might even have to take on an additional loan to cover it. If you’re in a similar situation, a title loan might be an optimal solution for you.
Why A Title Loan?
Are you wondering 'what is a title loan?' Title loans are easy, accessible, and fast. The entire application process typically takes under an hour – as little as 30 minutes – and you get the cash the next bank day at the latest if approved.
Anyone, who’s over 18, has some sort of an income, and outright owns their car – meaning their title is in their name with no loans against it – can easily be eligible for a title loan even with bad credit or no credit at all!
When time is of the essence and you need money fast, a title loan is one of the better options.
How Do I Apply For A Title Loan?
Applying for a title loan at Fast Auto Loans, Inc. is simple! Just follow this guide and you will be on your way to finding out if you qualify.
- Submit a filled out form on our Fast Auto Loans website and wait for the loan representative to contact you;
- Take the necessary items to the meeting the loan representative will schedule for you at either a location of your choosing or at one of our title loan places. You’ll need your car, the car’s lien-free title, and your government-issued ID;
- Let the loan representative assess everything and determine if you qualify for the loan;
- Get approved and get the cash either the same day or the next bank business day at the latest!
If you have a great budget in place, you’ll have to do everything you can to avoid busting your budget. Remember these three budget tips when you need some help keeping your budget intact.