Frugal Fiona

In recent times, many people are keen to know how to survive well on a budget. Surviving on a budget or making ends meet has become a challenge. Prices have gone up. The biggest costs as such are the bills and rents. From purchasing consumer durables to spending on electricity, gas, mobile or anything else, people are at their wits' end. In other words, they simply do not know what to do and how to live on their budget.

Tips to Survival:

How to survive well on a budget - Step 1:

Track your expenses to see where your money is going.

Individuals need to keep a check on their monthly expenses. Make a list of items on which money is spent compulsorily. Also, mention how the money is spent. Maintain a purchase receipt and note down each purchased item, be it in cash or in the form of credit/debit card. It is equally important for individuals to keep a track of money lent to someone.

How to survive well on a budget - Step 2:

Enjoy dining and entertaining at home more often.

Inflation is at its best height. As such, it is time individuals cut down on certain items that are not worth spending. For instance, for saving money, it is better for office goers to take lunch along rather than eating form outside. Individuals may use this money on other expenses or deposit it in their savings account for future needs.

Individuals who eat out at restaurants often fail to realize the expense they incur on it. Dinner can easily be upwards of $20. If the person dines out five times a week, it comes to $400 a month. The point: eat at home more often!

Further, rather than watching movies in top multiplexes, it is advisable individuals arrange a movie night. Include family and friends. The same may well serve as a date night.

How to survive well on a budget - Step 3:

Cut transportation expenses.

Prices of commodities have fluctuated wildly in the last year, so has the price of gas. As such, individuals have to look for alternatives for limited driving. The best option is car-pooling, which helps to save on gas. Cheapest is to travel by public transport, if there is access to subway. Take to commuting via a bus or a train when away from town.

The recent economy suggests people adopt ways to live well within their budget. Though it is not easy, it is beneficial if individuals bring it into practice. Consider the above-mentioned steps to save on hard-earned money by cutting down on few expenses.

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