Getting Started

5 Ways to Detox your Budget

By Reyna Tabbada, Brighterlife.com.ph

Comments (0)

DetoxEek, it’s Payday Friday! Major roads turned to parking lots! Malls brimming to capacity! And oh no, your ATM is now one big dark empty hole! If this sounds like the story of your life every time your hard-earned sweldo comes in, then perhaps it’s time to detox your spending habits.

Detox is a form of cleansing, usually associated with stopping addictive and destructive behavior. Though being a waldas does not necessarily equate to a jail sentence, its effect may jeopardize your future with debt and unnecessary expenses. Here are five simple detox steps anyone can take to reboot their budget:

1. Schedule your indulgences.
How you handle money should be boring, not full of dramatic twists and turns. But for the moments when you have to go on a splurge, be sure to schedule it at the most opportune time. Don’t be a pauper when you blow over.

2. Automate your savings.
Hook your company ATM to a personal account, where every payday a pre-determined amount will be transferred to the latter. You won’t even feel the “loss” because the money doesn’t even make landfall on your wallet!

3. Predict your spending.
Every month, we all got financial obligations: rent, bills, even that dinner and movie for the whole family. Your budget is actually a cycle of the big and small stuff, and you can forecast it better than the weather. April and May are always tuition fee months, and your Christmas gifts budget should be planned months earlier than the actual holiday. 

4. Allocate your expenses. 
Sure, the bigger picture is critical, but it’s the pieces that seal the deal. Distributing your money is an art, balancing the immediate to the anticipated, the present to the future. And where you put it is as important as how you dispense it.

5. Make an investment.
This refers to that dream purchase you’ve always put on your bucket list, from putting a downpayment for a condo or getting that insurance policy. These investments are usually commitments. It puts you in for the long haul but contributes immensely to your sense of confidence and security.

Image credit

Need help on planning your finances well?

The right person might be an advisor who can walk you through the steps of successful financial planning.
Don’t have an advisor yet? Click here to find the best one for you.

Receive regular wise money advice right in your inbox. Subscribe to our Brighter Life e-newsletter for FREE

Add a new comment:

Note: Please be sure to read our commenting policy and terms and conditions for this site. We reserve the right to delete any comments that we view to be in violation of our policy. The name you provide will appear next to your comment. Thank you!

Your email address will not be published. Required fields are marked *

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Connect to your Brighter Life

%d bloggers like this: