Goodwill can help you achieve your goal of spending less. Outfit yourself and your home with Goodwill’s wide selection of clothing and household items – available at low prices, every day, at your local Goodwill. Below are just a few helpful tips to help you stay on track with your budget.
Calculating your Budget:
The first step to staying on budget is to figure out what your budget actually is! Many websites are available that provide a free budget calculator that will allow you to determine your monthly, and even your annual, budget. First, figure your monthly income. Second, subtract the cost for the items below (if applicable) from your monthly income:
- Housing/Rent
- Utilities
- Medical insurance
- Transportation/Gas
- Student loans
- Groceries
- Savings account
- Clothing
- Entertainment
- Child care
Once you have subtracted the above expenses from your monthly income, you'll have a more accurate view of how much expendible money is left over each month. From this number you can determine the best budget for yourself.
5 Tips for Staying on a Budget:
- Focus on your savings. Setting up a direct-deposit of funds into your savings account is a great way to continue adding to it, without needing to remember to add manually each month.
- Take out enough cash each Sunday to last you the week. Make an effort to only use cash for that week's purchases. This will prevent those "spur" of the moment purchases that may drain the rest of your budget for the week.
- Get the whole family on board! It's much easier to stay on a budget when the whole household is taking part.
- Keep all of your receipts; at the end of the week, look over all of your purchases. By seeing what you spend your money on, you become more aware of where your money is going. This can help you determine where you may need to cut down in terms of spending.
- Re-evaluate and update your budget as needed. Not all expenses are fixed, so you have to remain flexible. Don't be too hard on yourself if you go over your budget slightly; it can be hard to plan for unexpected costs, but that's where having money in your savings will come in handy!
