Avoid These Top 5 Budget Breakers
Finding it hard to follow a budget? Do you end up blowing it every month? Setting a budget isn’t as hard as following it religiously. A little slip here and there, and you’ll never know where all that money went. Before you know it, you’re struggling to get to the end of the month with whatever little is left of your paycheck.
First of all, we understand. Most of us, from time to time, have been in your shoes and have struggled to establish a budget that works for us. We know what works, what doesn’t work, and the different things that can make or break a budget. We’re going to tell you what top budgeting mistakes you might be making and how to avoid them in the future. We’ll also cover how you can use a Kentucky payday loan if you find you’re in a tight spot financially. Here is a list of the top 5 budget breakers to watch out for:
1. You’re Relying on Guesstimates
If you haven’t taken a few hours to sit down and tally your expenses on paper, you’re already off to a bad start. A couple of hours is all it will take to figure out what sort of budget you’re working with, so make a list of your spending on paper. Get your old bills and receipts out and think about every other subscription you pay for every month. Include your rent, insurance fees, groceries, your dine-outs and takeaways, apparel shopping, car fuel expenses, salon visits- basically, everything you spend even a dime on.
Once you have a realistic and narrowed-down figure, decide a new budget for yourself. Start tracking your expenses on a budgeting app to ensure you don’t overspend.
2. Takeout and Delivery Meals
Do you like ordering meals at home every day? Takeout and delivery meals cost much more than dining in at a restaurant, and dining at a restaurant, in turn, costs much more than a home-cooked meal. Although food is a necessary expense, eating out and getting home deliveries is not! It’s doing more to hurt your budget than you think. Start cooking your meals at home and you’ll be able to save a fortune.
3. Expensive Subscriptions and Memberships
Your expensive gym and club memberships are not to be ignored. Your pricey insurance plan might also be taking a lot of fees each month. So can your mobile plan. You may be paying subscription fees for multiple services online too. Cancel those subscriptions unless they are work-related. Look for more affordable alternatives to your insurance and mobile plans. Cut down on entertainment, pampering, and leisure costs. There are easy DIY, home-based alternatives for all of these.
4. Buying Full-Priced Items
When you’re on a budget, buying full-priced items is nothing short of foolish. You’re allowed to treat yourself or splurge a bit (just a bit!) maybe once a month, but otherwise, you should stay clear of those luxury brands. Buy clothes from sales and only go to affordable stores in the first place. Look for good secondhand stores too.
5. Not Leaving a Financial Cushion for Emergencies
While setting a budget, it is imperative to set aside a good 10-20% emergency cushion at least, just for unforeseen circumstances. It’s easy to forget these emergency situations when deciding a budget because you don’t know if and when they might happen.
However, they do happen every and now and then with everyone, so you must put aside some savings in an emergency fund at the start of every month. If you don’t have some wiggle room in your budget, you’ll blow it every time even the smallest emergency comes along- like a car breakdown or a home repair.
What Can I Do In Case of a Budget Failure?
If you avoid major budget-breaking mistakes like the ones we talked about above, you’re unlikely to blow it. However, in case you do run out of money in a financial emergency, there is a way to cover that extra expense: fast payday loans!
Payday loans are small, short-term loans where you can borrow any amount that you will be able to return with your next paycheck. Our representatives will review your information during your application to determine how much money you’ll receive, with a maximum being $500. Some advantages to payday loans are:
- No credit check required. Lenders only ask for proof of income and stores are presently accepting all types of incomes.
- Easy application process. You can start your application for fast payday loans online. We provide payday loans that are convenient options and their application process is very speedy with many completing them in under 30 minutes.
- Fast cash. You get your money within a few hours of approval and it's deposited directly into your bank account.
- We don’t require you to offer anything up for collateral when securing your loan.
Because payday loans are based on your current employment status, we won’t conduct a credit check to determine your eligibility, making them faster and easier to obtain than traditional bank loans. Sticking to a budget is hard but running into a financial emergency is even harder. When you run out of options, fast payday loans of Kentucky will always have your back.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.