Budgeting Tips
- Edan Anonuevo
- Apr 16, 2017
- 3 min read
Money. To get around in this modern world, you need money, It is our way of exchange, to buy stuff. If you want something, you need money, if you need something you need money. Everything in today’s society is bought with money, our world runs on money. But money is not infinite, you may or may not run out eventually. That is why you need to budget, you need to save and you need to conserve.
Technology has helped evolve money. Now with the internet, we are able to purchase things online, get it shipped to our house from anywhere in the world, from the comfort of our house. No need to walk outside and physically go to the store and buy something. But with this comfort may cause people, especially young people, to overspend because of the easy access. Spending too much money on things that we do not need. Here are some tips on how to budget effectively.
1. Only Buy What You Need
You see a lot of things on the internet, things that look appealing and cool, but do you really need it. Especially advertisements of products, which we see everywhere we go on the internet. Facebook, Instagram, Youtube ads that promote a lot of useless products. Be smart, deciding if you really need it or not and if it is an unnecessary want. Recently, a lot of attention has gone towards a ‘fidget cube’ that is said to help concentration at school or work. But it cost a bit too much for what it is. Know if it is worth the money, its durability and if you truly need it.
2. Look For The Cheapest Option
Most things cost a lot of money, sometimes the cost is justifiable but other times it is way too much for what it is worth. Look for the cheapest option, browse other online stores for discounts and look for the cheapest one. Take into consideration the shipping cost, add all the cost together and find which is best. Sometimes physical stores have higher prices than online stores, so before you buy something quite expensive at the mall, look online first.
Try not to buy any fake or replicated products, as they were most likely illegally made. They may have been manufactured by children or people in bad awful work environments, or contain illegal substances. It is actually illegal to sell fake products. A lot of people who can not afford the expensive ‘real’ products resort to buying the ‘fakes’. You do not want to support such a crime.
Complex created a documentary on the ‘trillion-dollar bootleg industry’. Check it out here.
3. Limit Your Spendings
Do not always go out and spend as much as you can, you should limit how much money you should spend. Have a set amount of money you are allowed to spend on certain things, like grocery, bills and wants. Have that money set aside for the essentials and leave the rest for savings and in case of an emergency. Remember to pay what is important first. The secondary stuff is… secondary. Your wants are not your needs, so spend money wisely.
4. Use Applications To Help Manage Money
There are helpful applications out there that can assist you in budgeting and managing your money. Apps like Mint, Venmo and LearnVest are helpful personal finance applications that are available on both iOS and Android. These type of apps help keep track of bill payments, the amount of money you have in your bank account and your budget. You can also download your bank's application to sign in and check and control your money right from the source.
5. Use PayPal
PayPal is the best method when buying things online. Most official websites use PayPal, and if not then you should probably stay away from them. PayPal can secure your credit card information and money in case of any hack or scam. If you did not get what you ordered or did not receive your package, PayPal will refund the money back to you. Blatantly giving out your credit card information is not safe, and people can hack into your bank account using the information that you give out to them accidently. So be careful with the information that you give out when buying online at certain sites.
Budgeting your spendings can be easy with the help of the certain applications. Technology has evolved to help us in all aspects of life, including our spending habits. Whether you are an adult working through life, or a student still study in school, we all need to budget. Be money wise, needs before wants.
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