Have you checked on your budget or monthly spending lately? Take a peek at how much you spent last month. If you’re thinking, “Hey! I have more money leftover than I thought! Than you’re going to want to find the best way to use that money. The following questions can help you decide on the best way to use that money and point out areas where your budget could use some strengthening.
Am I putting enough into savings?
The best advice I’ve gotten is to save 30% of a paycheck. Depending on your situation this might seem like a lot to you, but do the math first before you write it off. Also, when you are deciding if you can afford to put more into your savings, or not, remember this…
“If you never save 10 cents from a dollar, you’ll never save $100 from $1,000.”
Can I put more towards paying off my loans?
If you’re already saving 30% of your paycheck, can you move some money around to put more towards your loans? If you can put limits on how much you spend on groceries, travel, shopping, etc. at the end of the month you can put any leftover money towards your loans. Even if its as little as $50, $50 over time adds up fast.
Am I spending too much?
Are you spending more than 70% of your paycheck? Can you be tighter in some areas? If you are overspending find out why you keep going over budget. Find the route of the problem so you can fix it by either decreasing a different area or regulate your spending more.
Am I spending too little?
There is a risk to spend too little, just like there is to spend too much. It’s all about balance. It’s your money, you’re allowed to spend it, just spend it wisely. I think for the first time budget makers there can be a tendency to over save. I think this comes from fear of spending too much. While saving as much as you can is probably the best thing you can do, it does not mean you need to be living in poverty. Be realistic on what you need to spend, then spend it. Buy that couch instead of using lawn chairs in your living room.
Is there anything else I can do?
We’ve pretty much covered all the bases, at least that I can think of, but I think its always a good idea to ask yourself, “What else can I do?”
Use these questions to make your money work for you. Your worked hard for your money, make sure you’re getting every penny’s worth.
- How To Create A Budget With Mint.com
- Capital One 360 Savings Account Review
- Ways To Help From Over Spending