How to plan your home budget? – Your wallet – Wprost Business Guide

Keeping track of your home budget is not that difficult. If you run out of money again and have a lot of time left for your next payment, this is the best time to take matters into your own hands. Examine your home budget step by step and manage your finances effectively.

How to keep your home budget?

Maintaining a household budget should, above all, be regular and based on a good and accurate analysis of costs and revenues. You can collect receipts, accounts, invoices, justify bank and payment card statements and withdraw money from ATMs. It is also important to note the monthly income of the farms, which includes the amount earned on the employment contract, mandate agreement, specific assignment agreement and any other wages and cash benefits you receive.

To be able to plan all costs properly, you need to separate fixed and one-time costs. How can this be done?

Inventory of fixed and one-time costs

All expenses related to the calendar month in question must be divided one-time expenses and fixed costs. The section shouldn’t be a problem for you, but it’s worth following the tip below.

Fixed expenses related to the household budget, for example:

  • apartment rent,
  • gas, electricity, water, internet, television, telephone,
  • cash loan / mortgage / loan / credit card refund / installment payment,
  • insurance premiums,
  • fuel / public transport tickets,
  • grocery shopping,
  • taking medications regularly,
  • animal maintenance costs,
  • payment for regular extracurricular activities, such as tutoring.

One-time expenses are expenses that can significantly ruin your home budget. They occur irregularly, which makes them difficult to control, so it is worth recording such expenses for the next month and adding them to the list on a regular basis over a period of time. One-time expenses for example:

  • visit the doctor,
  • hairdresser, cosmetologist, SPA, etc. visits,
  • restaurants, cinemas, theaters, amusement parks, clubs, pubs, zoos, etc.
  • gifts for relatives and friends, such as birthdays,
  • purchase of clothes and accessories,
  • purchase of cosmetics,
  • purchase of household chemicals,
  • trips and vacations,
  • car inspection,
  • repair of apartments.

Of course, it is important to remember that unexpected expenses can arise at any time. As you know, this usually happens when the wallet is empty. The refrigerator stops cooling, the car breaks down on the busiest road, the toothache is no longer unbearable, and in addition your pet is seriously ill? You never know what the costs may be, so it’s important to have a ready-made financial cushion. rainy day events.

Saving income and expenses – how to do it effectively?

To be able to plan your home budget effectively, you need to do it regularly and not leave out any important information. Therefore, you need to do this and make a correct list of all sources of income and expenses for a particular month. How can this be done? We recommend some excellent options:

  1. Excel – or any other spreadsheet available on your computer or tablet, such as Google Docs. You can create multiple tabs in a single file – you can summarize all entered numbers using costs and revenues and simple formulas. The biggest advantage is that you can add each new expense to the next line without having to re-create the schedule.
  2. Notebook – The simplest solution is just a piece of paper and a pen. Although there are various schedulers on the market, including custom-designed tables to include costs and revenues, you can create them yourself to avoid incurring additional costs. A card with a list of expenses can be seen in a publicly accessible place, such as a refrigerator in the kitchen, so that you can add numbers regularly after shopping or when you get home.
  3. Mobile applications – the most convenient way to save your income and expenses! Applications allow you to track expenses, create schedules, assign purchases to specific categories, which makes it easier to analyze, plan and monitor monthly expenses. Free programs include, for example, Kontomierz, Money Lover and Spendee.

How to save on a home budget? – useful advice

Once you have compiled a list of your income and expenses, you can determine how much free cash is left. If you have a lot – that’s good, because it means you don’t spend as much as you earn. If you don’t have enough free money, you need to think about how you can save by eliminating unnecessary expenses from the list or allocating smaller amounts to them. It is worth analyzing the prepared list every month and creating new ones based on it. Put any free money in a savings account or a traditional piggy bank so you don’t rush to spend it for unnecessary purposes. What can you do to reduce your monthly household expenses? How to save on a home budget?

  1. Look for cheaper alternatives – Remember that a branded product does not necessarily mean that it is better than a cheaper replacement. The cream recommended by a luxury pharmacy may have the same ingredients as the cosmetics for a few zlotys available in a supermarket.
  2. Do not go hungry for food – This is a basic rule worth following. You will get more because you are hungry – you will be deceived by the smell of bread or confectionery everywhere, you will throw unnecessary snacks and other unnecessary products in your basket.
  3. Just shop with the shopping list – Thanks to this, you will only get what you come for.
  4. Don’t do impulse shopping – Did you see an excellent jacket from an influencer on Instagram and quickly add it to your cart? Before each purchase, think about whether you really need a particular item.
  5. Don’t be fooled by unnecessary promotional products – multipacks, big price discounts, 1 + 1 free – these are popular marketing tricks that force customers to buy more when they do not need more than a certain product.
  6. Refuse to shop in the city – The price of a coffee in the city is a few zlotys and can be up to thirty zlotys with a sandwich. You can save a lot by preparing breakfast and lunch for work at home!
  7. Shop online – When shopping online, you can rely on very low prices in stationary stores, as well as compare them in many online stores and choose the cheapest purchase.
  8. Use loyalty programs – It makes sense to collect points or stamps in stores, service stations or gas stations, as they can become attractive discounts in the future.
  9. Avoid unnecessary expenses – Limit stimulants, perishable products, lots of new clothes, shoes, jewelry, etc.
  10. Think about additional sources of income – Making money with additional online orders, unusual jobs or hobbies is always a good way to earn extra money. It is also worth cleaning the house and selling unused equipment, clothes or accessories.
  11. Pay attention to payment dates – Delays in payment of loan parts, utilities or rent result in interest deductions. To prevent this, you must comply with the payment deadline.
  12. Set goals that will save you money – this should be your biggest motivation!

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