It's hard for young people to handle a life with a tight monthly budget, and they always make budgeting mistakes and we think we should collect advice and tips to share with you.
12 tips to organize your tight monthly budget
We collected from comments and also removed some too personal idea which may not inappropriate or useful with lots of people.
- Stay single. Use contraceptives. Babies will drain everything from your pocket. Even if you have a partner take contributions for every outing in the name of equality.
- Watch television premiere, avoid cinema halls. Cinemas can cost you ticket fee, food and drink which are much more expensive than convenience stores.
- Don't celebrate your birthday with big party and long guest list.
- Learn to walk more. You can save tons of gas and parking fee.
- Uninstall shopping apps like Amazon, eBay on your mobile, watch You Tube in free time instead of subscribing to Netflix or Cable TV. (Cancel Netflix plan)
- Start drinking plain water instead of coffee or tea. Soft drinks or bottled one is not good and can cost you a big part every month.
- The best way for a joy ride is to visit a local monument, spread a bed sheet on grass, enjoy home cooked food.
- Consume more cheap vegetables/ fruits in your meals avoid expensive kinds. You also can buy a good fruits in last-minute, right before the supermarkets close-time.
- Buy clothes for next season or Sale OFF events. Brands will clearance their stock before next season, so it's the best time to have nice clothes with reasonable price.
- Install a cooler along with an AC at home, switch on the AC for an hour, switch it off when the room cools down and then switch on the cooler. (or ceiling fan if you need to save more)
- Don't keep credit card. It's super-easy to be in overspending situation if you can not manage your credit card such as total expenditure or payment due date. (Check out our credit-card management feature to see how control over it).
- Keeping track of your daily spending and monthly or weekly budgets regularly. It make you a good habit on money management which's really important with your little budget.
Raunak Nayak, an Intern at Indian Institute of Engineering Science and Technology shared his tips which's really useful for the young or students.
Look for coupons. Coupons can save you a ton of money. However, you have to be careful. Even with coupons, you might not be getting the best buy. Comparison shopping is key.
Make your lunch for work. Not only will you save a ton of money, but it’s also a lot healthier.
Garrick Saito shared his key philosophies about saving money.
- If you do not have the money, you cannot buy.
- When the bill comes, pay if off (completely).
- Buy what you need, not what you want.
I have lived by the first two points since I've been 18 years old, and have remained debt free throughout my lifetime (except for a mortgage).
The third point has some flexibility, as your income grows in future years.
Money Lover is simple expense tracker and budget planner that helps you stay on top of your finances and save more for future.