THREE TIPS FOR EFFECTIVE BUDGETING
Hello and thanks for stopping by the NumReceipt blog! Today's post offers three tips for effective budgeting. While many users will download the app simply to store all their receipts in one place - which is great! - NumReceipt can also help support your financial health. Read on to find out how…
TRY A 50-20-30 BUDGET
Bankruptcy lawyer Elizabeth Warren and her daughter developed the popular 50-20-30 budget, which advises individuals and families to spend roughly 50% of their income on essentials like rent, utilities, gas, and groceries; 20% on financial objectives such as paying off debt and contributing to retirement plans; and 30% on 'wants' like travel and entertainment. While sticking to a budget takes dedication, the 50-20-30 guidelines make it easy to jump right in and take the first steps to managing your money in a practical way.
How NumReceipt can help: Use the handy Spending by Category chart on the dashboard to keep an eye on your 'want' spending and make sure your living expenses are manageable.
LIMIT FRIVOLOUS PURCHASES
While the 50-20-30 budget allows room to buy things you want regardless of their usefulness, we all sometimes make purchases that leave us frustrated. Do you sometimes buy lunch from the deli down the street even though it's overpriced and you'd enjoy homemade leftovers instead? Grab a candy bar from the checkout display even though you don't really want it?
We recently read a great tip to combat this kind of spending: for every frivolous purchase, donate the same amount to a charity of your choice (or, for even more motivation, a charity whose mission you don't support!). That way, you'll truly feel the impact of letting your paycheck slip away.
How NumReceipt can help: create a special category for wasteful purchases to use when you enter their receipts, like 'Checkout Candy.' At the end of each month, check the dashboard for your total in this category and send the same amount to your charity.
ADOPT A POSITIVE ATTITUDE
Instead of viewing your budget purely as a set of constraints, think about how you're taking care of yourself, your family, and your future. Let your savings and investments bring you peace of mind, and fully enjoy your hard-earned vacations and shopping trips because you know you've set aside income for them specifically. A positive attitude can make all the difference.
Good luck, and make sure to check back soon for more tips and tricks.
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