Most people receive their salaries every month. This entails a spurt of spending from the 1st to 10th, moderate spending till the 20th, and then a crunch as the last week of the month hits. However, necessities have to be paid for, so that goes into the credit card bill. In the end, this becomes a vicious cycle, leading to mounting credit card debt.
In order to have some money left at the end of the month, it is best to budget weekly. First of all, set aside the sum required for monthly maintenance – house rent, Internet and telephone bills, credit card bills, loan dues, tuition fees, babysitter’s wage and so on. Divide the rest of the money into five parts.
By dividing money into five parts for four and a half weeks, you automatically have half a week’s worth of funds to use as emergency expenses. DO NOT touch this till the last week of the month, or in case of true emergency situations – no, that awesome band at the pub is not an emergency! Continue reading ‘How to Save Money Through Weekly Budgeting’ »