Becoming a good money manager requires us to take certain actions.To begin with. it is advisable to open a checking account[current account] and transfer the amount of your total budgeted expenses from your salary account to this account .Use this account entirely for payment of bills,shopping, and other expenses.Payments on this account should be made entirely by cheque or debit card.With the cashless policy now in force, this approach also saves money on charges for cash withdrawals in addition to helping you track your expenses.Let your savings and other contributions come directly from your salary account.What is left in your salary account[your balance] could be used partly as a contingency reserve and also to increase your savings.
A simple spreadsheet[MS Excel] template can assist in your money management [for a free budget template in Excel,send email to hillcrestpro@gmail.com].Some smart phones have some kind of money management app.Otherwise you can carry a small pocket size diary to track expenses.One thing to avoid is impulse buying.Nothing ruins budget plan more than impulse buying.Always avoid carrying cash but instead carry your card and cheque book.
Maintaining a budget work smoothly will definitely require regular review.Find our areas you are spending too much and if possible increase your savings.To achieve your goals will definitely require a few sacrifices.Like they say,no pain no gain.But at the end of it,it is always well worth it.
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