They say Man Crush Mondays we say Money Mondays. Unless you are some kind of mega superstar most people including myself would have to budget at some point in time. Budgeting effectively can a be headache. Here are my top 3 tips on how to budget effectively.
1. Have Wardrobe Staples.
You do not need that handbag or pair of jeans in different colours. Investing in quality wardrobe essentials can go a long way. In case you saying to yourself Hmmm… what wardrobe essentials do I need” My top 5 wardrobe essentials would be a quality handbag, a statement neck piece, a fedora (cause it can totally change any outfit), black stilettos, and a pair of black jeans. Now think about it, a pair of black jeans can be worn for almost every occasion, from a dinner date to a girls night to even a funeral.
2. ATM’s are only for emergencies
I have probably said this before and I would say it again. The fact that you have an atm card does not mean that is your “go to place” whenever you need to buy something. I can honestly count the number of times I use my card in a year. Now we all know carrying lots of cash can be bulky and unsafe. When you budget for…lets say fifteen (15) Ghana cedis daily and you always carry that amount of money on you without having to rush to the atm machine for money, with time it becomes a habit and you gradually get use to it. Carrying more than what you budget for always attracts you to spend on things you do not necessarily need.
You are the only who knows what you are budgeting for. It could be for a new car or tuition. At the end of the day, you must decide on setting aside a specific amount of your income monthly into achieving that goal. Remember, the fact that everyone is buying it does not mean you have to. Know what amount of money should go into your everyday necessities from fuel/transportation to food. Living above your means should never be in your vocab.