There are a lot of people who do not take kindly to the suggestion of budgeting. There are usually two types of people who figure out who owes each other at the end of the day and who knows how much they have spent and how much is in their bank accounts.
For not taking budgeting seriously, you will always end up being clueless about your money and figuring out ways to arrange money to settle the debt. Even in the worst scenario, some people detest budgeting, and you may be one of them.
Putting off budgeting for months is not surprising at all, but there is an excellent way to do it. You will likely be slow in getting your finances on track. Being slower is far better than putting it off.
How should you create a budget if you are a lazy person?
The first thing you need to understand to make a successful budget is that you need to spend less money than you make. Without following this principle, you cannot shoo-in, no matter how hard you try.
- Have a record of your every spending
Budgeting for lazy people is not the same as for those who actively manage it. If it seems quite complicated for you to track your spending at the end of every week, or you do not want to embroil yourself into dealing with a bunch of papers, you should take a snapshot of your spending.
With having each snapshot of your spending, you will know in real-time how much money you have spent. You can quickly take a glance at them and immediately curb your spending if you have left very little money in your bank account.
One of the significant benefits of this approach is that you will know how much money you are paying toward debt. For instance, if you have taken on loans for the unemployed with bad credit, your top priority must be debt settlement.
Real-time information will not let you strain your mind to recall how much you have to spend for the rest time in the month.
- Plan your next shopping spree
Though you do not like to think about tracking you’re spending every other day, you can at least plan around your shopping spree. You will have a couple of reasons to step out to buy yourself something.
Deciding that time what you want to buy is where you slip up. Having no planning beforehand can make you buy even those things that you do not need, and as a result, you can end up overspending your money.
So, you should grab a paper and pen and note down the purchases you want to make. These purchases can be anything like buying apparel, kitchen gadgets, tyres of your car, and the like.
You can consider it your spending plan and meet goals every time you step out shopping. This will enable you to utilise your money on something you need, not on booze.
- Automate your savings
Savings are a must if you want to avoid being run out of money. Budgeting aims to help you set aside money for a rainy day.
When you do not overspend money, you manage to save some money. However, you should set a specific limit for your saving, for instance, putting aside 10 to 20% of your monthly salary.
This is essential to avoid borrowing money every time you got caught up in a financial emergency. It does not mean that you cannot borrow money, but having savings can help you save interest payments.
If you have come up with a significant expense and your savings have fallen short, you can consider taking out a loan. However, make sure that you borrow money from a reputed online lender like AoneFinance UK that lends money at affordable interest rates.
To stick to your saving goal, you should automate it. Try to link it with your payment account to pull the set amount as soon as you receive your paycheque.
- Hide your money from yourself
If you have noticed that it had been difficult for you to stick to your budget because of your overspending behaviour, the best thing to curb it is to hide money from yourself. You should not keep this money in your payment account, nor do you keep it in your savings account.
You should keep it somewhere where you cannot access it. Some savings accounts do not let you access it until a specified period, and if you do it, they attract huge penalties. You should keep that money in that account.
This can actually help you avoid overspending. You should link this account to your payment account and automate the transfer. Since you do not have to do it manually, you will be able to see the balance growing up. This is a great way to avoid overspending if you cannot control it at all.
- Spend money wisely
Budgeting does not mean you do not have to spend money, but it suggests that you should stop spending money aimlessly. Do not buy things when you do not need them.
Just because you are upset or you cannot sit at home, it does not mean that you will go out to spend money.
Be careful with your spending. Ask yourself if you can manage without it. As far as it is about dining out and enjoying yourself at pubs and bars, make sure that you are not frequent.
It is ultimately eating up your money, leaving little or no money for an emergency.
Budgeting for a lazy person does not need to be complicated as long as you stick to it. If you follow the tips mentioned above, you can successfully manage to create a budget that works for you. Once you develop a habit of budgeting, make sure that you stick to it.