Close Menu
Money 101
  • Business
  • Lifestyle
  • News
  • Wealth Creation

Newsletter

Get the financial tips, offers and more

What's Hot

Critical Questions About Funeral Cover

September 19, 2024

Mortality Benefits

September 19, 2024

How do You choose a Medical Plan?

October 2, 2023

3 increases in medical rates in 17 months = 27%!

Sponsor: Ubuntu CapitalUbuntu CapitalOctober 2, 2023
Monday, May 12
Facebook X (Twitter) Instagram
Money 101
  • Business
  • Lifestyle
  • News
  • Wealth Creation
Money 101
Home»Budgeting»Budget and Save Money in 5 Easy steps
Budgeting

Budget and Save Money in 5 Easy steps

EditorBy EditorSeptember 8, 2017Updated:October 10, 2018No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
Share
Facebook Twitter LinkedIn Pinterest Email

Learn to manage your money, even if you don’t have much extra cash

Financial Planning

By Wes Moss
Budgeting and saving money doesn’t come naturally to many people, for obvious reasons: it’s easy and tempting to spend money on non-essentials, even if your budget is tight.

So how can you get on track with a realistic budget and save money?

 Responsible saving pays off

 

Here are five steps you should take to reorganize your finances, prioritize your spending, deal with any debt you may have, and trim your taxes. These strategies, taken together, have the very real potential to improve your financial situation.

Set up your FREE personal online Budget plan by becoming a Smart Money member – sign up here

1. Get Your Budget on Track

You’re not going to get ahead financially until you develop a reasonable budget — one that allows for both some indulgences and for emergencies — and then stick to that budget.

Budgeting your money is the cornerstone of a sound financial plan. You might scoff at the idea of creating a budget — after all, you pretty much know what you spend every month, especially on big-ticket items like rent/mortgage or car payment.

But try this anyway. Creating a budget — and then following it — can help you spot areas where you’re spending more than you realize. Here you will find tips on how to create a budget and track expenses along with other money management techniques.

  • Budgeting 101
  • How to Create a Budget

2. Learn to Reduce Spending

Developing your budget will help you spot areas where you’re spending more than you realized. But the next step is more difficult: cutting your spending on unnecessary items.

This will require some soul-searching on items both large and small.

For example, do you really need a R25 coffee every morning? (Some will say yes, while for others the answer is no.) Could you make do with a smaller, older car? Instead of an expensive vacation this summer, could you try a “stay-cation,” where you stay home (much cheaper) and relax there?

All these choices are very personal and many factors come into play, so there’s no right answer for most of them. But laying them out will help you prioritize your spending, and that will help you spot places where you can save money.

  • The Causes of Overspending
  • 5 Tips to Cut Spending Leaks

3. Deal with Your Debt

Few people get far in adulthood without accumulating some form of debt: credit cards, student loans, car loans, and mortgage payments are common. In fact, debt can be a good thing (who has the money to buy a house outright?), but the key is to use them wisely.

Credit cards and other forms of debt can be an essential part of your financial toolbox, but you must exercise care when using these tools. Understanding the difference between good debt and bad debt will go a long way in making sure you create and maintain a good credit history.

  • Credit and Debt 101
  • How to Eliminate Credit Card Debt

4. How to Save Money

To build wealth, you have to start somewhere. Therefore, the ability to save money is the cornerstone of building wealth.

In order to save money, you need to spend less than you earn. This may seem obvious, but so often, it’s easier said than done. Fortunately, there are several devices you can use when beginning to save money, even when your budget is tight.

The most important of these is automatic savings. Open a savings account, and set up your checking account so that you automatically transfer a set amount each month into your savings account.

You don’t have to transfer much money — start with whatever your budget can afford. But making this automatic (and then resisting the urge to spend the money impulsively) will get you on the road to long-term savings.

  • Make Saving Automatic
  • Where to Keep Your Savings

5. Make Sure to Trim Your Taxes

Nobody likes paying taxes, but they are an important aspect of any financial plan.

Even if you don’t make much money, you might be surprised to learn how certain tax strategies and decisions can impact your finances.

Learning how to minimize the impact that taxes have on your finances can ensure that more money is going into your pocket and being put to use towards your financial goals.

Remember to set up your free personal budget by becoming a Smart Money Member

https://smartmoney.co.za/

Save Money
Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
Previous Article5 Essential Skills to Help you Sell More
Next Article Saving when you don’t even make THAT much:
Editor

Related Posts

What is the Difference Between Compulsory and Discretionary Savings?

June 8, 2021

Debt is a Cancer

August 19, 2018

Work Ethic and Dedication is Everything – Student Walks 32 KM to New Job

July 26, 2018

BEE – What you need to know

May 13, 2018
Our Picks

Discovery Medical Aid Increases 2022

October 28, 2021

What is the Difference Between Compulsory and Discretionary Savings?

June 8, 2021

How to apply for a social grant

May 31, 2021

Retirement Annuities Explained

June 7, 2021

Subscribe to Updates

Get the financial tips, offers and more

Don't Miss
About Us
About Us

Money 101 is your source of Personal, Financial, Business and Lifestyle educational articles which is brought to you by Adarna.

Visit Adarna: Adarna.co.za
Privacy Policy: Click to View

Our Picks

Momentum Health Increases 2022

October 28, 2021

What is the Difference Between Compulsory and Discretionary Savings?

June 8, 2021

Discovery Medical Aid Increases 2022

October 28, 2021
© 2025 Brought to you by Adarna.

Type above and press Enter to search. Press Esc to cancel.