By financen | October 27, 2011 - 6:05 am - Posted in Payday Loan

Whether you’re a single young professional or responsible for a family sometimes it can be overwhelming to manage your budget to make ends meet. With so many vital household bills coming though your letterbox, food shopping bills that need paid, oh and let’s not forget all of those miscellaneous costs that often pop up such as someone’s birthday, the car needing servicing or the fridge packing up and needing replaced – sometimes your wage seems to just disappear within the first few days of getting paid.

With so much to think about, saving is often the last thing you are able to do, and managing all of your bills the right way is often a tough and stressful task. However, there is actually one very easy, and highly effective way in which you can easily breeze through the month, confident that you have each and every outgoing covered and even have the chance for the first time to start and put some money away for a rainy day, or shall we even say that well needed shopping trip you have been dreaming of!

The envelope system is one of the oldest and basic yet most effective ways to achieve this. The concept is also a piece of cake and anyone can do it, even when you have instant payday loans ready to help you out. The first thing you should day is make a note of every single thing you usually have to pay out each month. So perhaps your list will include rent, clothing and utility bills. When you make the list it will also be beneficial for you to put how much you usually spend on these areas every month. A little tip here, is to always round that figure up, so think worst case. For example if your bill last month for food shopping was £80 round it up to £100, this way your bills are always covered and you are never caught short or unable to pay a bill!

Now look at each expense and divide it up to categories, such as rent, bills, miscellaneous costs etc. You can then place each expense into a category. Add up the total of each and then you know exactly how much you need to put into that area each month from your wages.

So, to make some savings, add another category to those you already have, and yip you guessed it name it savings. Now look again at all of your outgoings, is there anything you can cut back on slightly? For instance, are you spending too much on nights out? If so even the littlest of cut backs like £5 per month can be allocated to your savings category. Do this with all expenses if possible and when you have done you should now be able to physically see how much you can save per month. The hardest part of this savings system is discipline. If you really want to save, and make sure each expense is covered you need to stick t it. Giving it a real go for even one month and actually sticking to it, will mean for the first time you have cash saved.

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