Avoid These Top 5 Budget Breakers
October 22, 2020 | Emma Frost
We all know the feeling.
You’ve come up with what you think is the perfect budget for you to start saving according to schedule; but as time passes, mistakes are made, and you abandon the budget altogether. Back to square one.
These 5 Actions Can All Cause Huge Financial Trouble
There are plenty of actions that result in budget breaking. These are just the top 5 that really wreak havoc. But the good thing is there is a way you can avoid them.
Starting your new budget is like starting a diet. If you begin with lofty expectations about how little you’re going to eat, you’re bound to end up on a binge. Budgeting is the same way.
Don’t create a budget that sounds suffocating to you. You need some breathing room for you to stay motivated. Give yourself a little bit of extra money than you may actually need each month – this will keep discouragement from any mistakes at bay.
You saw this one coming, didn’t you?
Anyone who has experience creating a budget knows it all too well. It can be so difficult to refrain from purchasing that beautiful dress that caught your eye. This is natural. In fact, it’s important to treat yourself to exciting things as a part of self-care.
We recommend tracking your impulse buys over the course of a couple of months. Once you’ve done that, take the average amount you spent on impulse purchases per month and use that figure when creating your budget for the future.
Convenience Food Purchases
Studies show that the number one budget breaker for the average American isn’t spontaneous vacations or buying the brand new iPhone. It’s actually eating out. Humans are creatures of habit. The more money you spend on on-the-go food, the more likely you are to spend money on on-the-go food. And so it goes.
There are a few solutions to this:
- Like impulse buys, find out how much you spend on average on convenience food every month and factor that into your budget.
- Try meal planning. Prepare meals that you can store for you and your family at the beginning of every week.
- If you aren’t much of a cook, you can also sign up for meal delivery subscription services from companies like HelloFresh. You may find that you save more money by subscribing to their services than you do by caving and getting the “occasional” Big Mac.
Overcharging Credit Cards
This is the only budget breaker on this list where you can’t afford to be flexible with yourself.
Using credit cards to pay for what you can’t afford is one of the top reasons Americans go into debt every year. The fees and interest can quite literally ruin your budget and financial security – if you aren’t careful.
If you find that you can’t trust yourself with a credit card, it’s best to get rid of it altogether. If not, you should at least create an emergency fund with your pocket money every week. That way you can make sure you’re making both payments on time and above the minimum.
With the increase in online banking services and the popularity of debit/credit cards, it can almost feel like your money isn’t even real- a swipe of a card, and you have what you want.
For people who truly struggle with overdrawing accounts, we recommend switching to cash. I know this sounds like we’re from the 1950s, but hear us out.
If you withdraw your weekly budget’s worth of cash at the beginning of every week, you have no choice but to stop spending when you run out. The physical feeling of your money disappearing is also extremely motivating for saving. Of course, keep your accounts and cards; but leave them at home and use them for emergencies only.
Have An Emergency? Keep Your Budget Going With Payday Loans
Have an unexpected emergency really messing with your budget? Then a payday loan could be a great option.
What Are Fast Payday Loans?
If you’ve never heard of them before, its simple. An online payday loan is a type of unsecured loan. This means you don’t need to put anything up as collateral – like for title loans. These loans are for when you are in between paychecks but need quick money. They are designed to help you in sudden emergencies. Things like late utility bills, overdue rent, or small home repairs.
Why Should I Get A Payday Loan?
Besides just handling sudden emergencies, there are plenty of benefits to payday loans. For one you get your cash the same day you are approved. With traditional loans you could wait days or even weeks. Who has that kind of time?
We also don’t turn you away if you have poor credit. In fact, we don’t even consider your credit when we are looking at your application. Speaking of your application and approval, you’ll learn if you’ve been approved quickly. And, like I said, you don’t have to put anything up as collateral for this kind of loan.
How Do I Get A Payday Loan?
Getting a payday loan with us at Florida Payday Loans, Inc. is a surprisingly easy process. There is a reason why we are called “fast payday loans,” after all! And you can get up to $1,000 in cash through our services.
The process begins with you filling out our quick application right there on our homepage. Once we receive your form, a loan representative from the Florida location nearest you will give you a call. This call is to confirm your information and walk you through the rest of the process. You can also ask any questions you have. The loan representative will also let you know what necessary items you must bring with you. Those are: your ID or driver’s license, a blank check from an active checking account in your name, and your most recent pay stub.
After the phone call you can make your way to a Florida payday loans nearest you to finish the process. Once here we will sit down with you to perform an evaluation. This will help us establish how much you could qualify for. Then you will learn if you’ve been approved and talk about the terms of the loan. If you feel comfortable with the terms and agree, you will sign some papers. And voila! You’ll have the cash you need to keep your budget from going belly-up – and this can all be done in as little as 30 minutes.
Everyone knows that developing and maintaining a budget isn’t easy. Hopefully, through this article, you’ve learned that there are plenty of ways for you to develop, maintain, and fund your budget to ensure success. Now go get out there and save!