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Personal Budgeting Tips

10 Tips To Improved Personal Budgeting

A well managed personal budget is the key to keeping your personal finances under control. We have compiled her 10 tips that can be implemented right away by anyone to start getting one's personal budget under control and reaping the benefits from it.

1. Clip Coupons

This is the single most important rule of personal budgeting. Why? Simply because a few minutes spent clipping coupons could end up saving you multiple dollars in the checkout line. Over a month's time, you could easily cut your spermarket bill by 10% or more.

2. Buy in Bulk

If your favorite products are on sale, buying in bulk may cost you more at present but could end up saving you a lot in the future. Some good examples are items that do not have an expiration date, such as soap, shampoo, toiletries and other household items. Canned foods, which carry a long expiration date, are also ideal for buying in bulk.

3. Save Your Change

Saving your change can be a great help in your quest for personal budgeting. You would be surprised how quickly change can add up and, even if it’s $50 or $100 per month, your coins can add up to some serious cash. Many people discard their coins or simply toss them around without thought, but saving them in a bowl or dish will help a great deal when it comes to personal budgeting.

../images/Save-your-change.jpg
If you develop a habit of saving your change, it can soon add up to a nice sum of extra money
in your pocket.
(Image by Freeimages.com)

4. Save 10% From Your Paycheck

Put a portion of each paycheck into a savings count each week or month. Whether it’s a few dollars or several hundred, always make sure that you are putting aside some amount of money into a savings account. If possible, deposit 10-20% from each paycheck. If you persist doing this for a few years, you'll be amazed by results.

5. Avoid impulse shopping

This type of buying is what ultimately leads to buyer’s remorse. In order to avoid it, think about what you want to shop for and make sure that you avoid any last minute additions unless they are absolutely necessary or you can afford them without being in a crunch.

6. Shop the Sale Racks

Everyone enjoys sprucing up their wardrobe now and then so, when it comes time to add a few new pieces of apparel, stop by the sale rack for big savings. There’s nothing wrong with keeping a few extra dollars in your pocket, which can be later be used for life’s little essentials.

7. Avoid High-Interest Credit Cards

Avoid using high-interest credit cards unless you can repay them within six months. Otherwise, you are more likely to get swallowed up with interest and end up paying for the original purchase several times over.

../images/Credit-cards-in-wallet.jpg
Credit cards can be very useful, but if you don't use them in a disciplined manner, they can be
very costly to your personal budget. 
(Image by Freeimages.com)

8. Use Low-Interest Credit Cards

If you do use a credit card for purchases, try to use one with an introductory APR or a regularly low interest rate. This could end up saving you big bucks every month and also in the future, which is one of the most important rules to personal budgeting.

9. Request free samples

A number of websites, including StartSampling.com and WalMart.com, offer customers the opportunity to request free product samples of certain items. Everything from skin lotions and shampoo to dog treats and household products are up for grabs to all who ask. In addition, many manufacturers offer free samples of new product releases directly through their own website.

10. Manage Your Credit Card Debt

If you find yourself in increasing credit card debt, call the creditor and request to be placed on a hardship program. This type of program allows for lower interest and smaller payments for a specified amount of time. Depending on the creditor, it can be in effect for several months or until the balance is paid in full. This method will not only help your immediate personal budgeting, but will also give you additional financial freedom in the future when the debt is paid in full.

There are many more personal budgeting tips that can be used and implemented by anyone. It's possible that you're already using some not mentioned here. But the main points of this article is to stimulate your throught process and start you on managing your personal finances better through smart personal budgeting.

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