From time to time we all exceed our budgets. Whether this is weekly, monthly or annually, keeping our budgets under control can be very challenging for the vast majority of us. If you have blown your budget for this year, we will show you how you can take control and get yourself back on track.
Sometimes it’s hard to look at taxes as a priority when it’s just once a year, but when you are planning a budget, it is worth prioritising the most important outgoings that you may have. Tax planning is something accountants are able to assist you with as taxes are a legal requirement that must be paid, if you owe. For further information on tax services contact your local tax service or assistance. Once you have budgeted for all of your tax liabilities you will be left with a balance to cover all of your other expenditure.
Your budget should have a section for your transport needs. Vehicle insurance, car tax or any loans secured on your vehicle will have to be paid if you want to keep your car. In this instance, you could use your vehicle for doing local delivery driving or even work for Uber, as this will help the vehicle to pay or itself. It will also generate extra money for the rest of your budget. You could even use your vehicle to get to some of your friends and family to do chores for them for payment, for example, ironing or cleaning services. A final point on your transport budget is that you will need to shop around for prices related to insurance and the maintenance of your vehicle.
Your home can take up a large percentage of your budget. House contents insurance, buildings insurance and general maintenance of the wear and tear of your property all need to be factored in. Certain costs can be budgeted for monthly, but other ones such as maintenance which cannot be predicted will just need a contingency budget. The ways of saving costs are:
– If you have certain luxury items, try and skip these for a month or two and just focus on the necessities. This can have a positive impact on your budget.
– Try to create meals from food that you already have in your cupboards. The temptation is to buy new food, when in fact a few extra moments thinking about the ingredients that you have may produce a nutritious meal without spending any extra money.
– Reduce the cost of your home by looking at the amount of energy that you consume and see if you can become more energy efficient. Not only is this good for your pocketbook, it’s also better for the environment too.
Adjusting Your Budget
Running out of money is never a pleasant experience. If you are regularly running out of money on a monthly basis then it is time to rework your budget. Be realistic, if you are spending over your budget for your groceries for example, you need either to increase your food budget or if you can’t afford to do this, you need to decrease the other items that you are buying. Look at your receipts and see what you can do without. You may also find that you are overpaying for things like top brands and you could swap these items for an alternative or generic.
Pensions are a vital part of anyone’s budget. Therefore, it’s important to get the right deal as this is a long-term investment or your future. The best kiwisaver scheme is an ideal way or your get your budget under control. You will be able to see the range of options that this scheme offers and that are available to you. Pensions are not something that you want to reduce when it comes to quality as they are there to protect us in later life.
Earn Extra Money
If you feel that your budget has been cut back to the point where you just need some extra money, there are a number of ways in which you could increase your employment. Consider these options:
– Overtime: if your employer offers overtime, this is the first approach that you could try to make some extra money.
– Declutter: you may find that the clutter in your home could generate some extra money for you. Try advertising your products on free listings sites and also on social media sites. Not only will you benefit from the extra money, you will also end up with a clutter free home.
– Work From Home: after a day at work, you may feel that overtime is just not for you and you may want to take a break from your everyday work environment. If you have an internet connection, there are a number of jobs that you can do from home. For example, online customer service support. This is where you work for a company remotely from home. As you are at home it might feel less like work, but at the same time you will earn some extra money.
Although it is easy to say don’t waste money on entertainment if you have blown your budget, we all need some form of downtime. The best way to stop spending money is by doing this that cost little or no money. For example, walks in the park, museums and picnics, all have little or no cost implication. You still get to enjoy a break from the everyday stresses of life. You could even consider going to a friend’s house to watch a movie so that you can get a change of scenery from your own home.
With a bit of clever planning and budgeting you can begin to get your budget back on track and not spend the rest of the year struggling financially.