Frugal Budget Tips

To do this you should ideally have collected one month of slips and kept them in an envelope, even for the smallest things. Sort these slips into categories of food, gifts, gas, clothing, health etc.

You also need to have your bank account statements to see the monthly debits that go through your account.

If you still use a cheque book to pay accounts you will need your counter foil too.

Make sure that you have all your account papers with you on the day you choose to start your frugal budget.

This form is extremely helpful when it comes to writing down all your expenses. It is the most thorough list I have seen. Fill in all the columns that apply to you using your sorted till slips, bank account statements, counterfoil and other account statements.

This will now give you a good indication of where the bulk of your money goes too.

#1 - The first frugal budget tip that you now need to implement is getting rid of your debt.

Any extra money that you have, you can set it aside to pay of any accounts that you have. Every little bit helps! And when you are done paying that account, tear up the card and close the account. Add the money that you were paying to that settled debt to the payment of another debt and pay it off. Continue until all your small debts are paid and do not incur anymore of them.

#2 – Your next frugal budget tip is to get the whole family on board.

If you are the only one that is driving this “horse” you are going to have a hard time! Your spouse will go along way to jumping on the frugal budget wagon if you can show how much you will save over a period…one month, one week or one year! Write out a plan of where you hope to save – groceries are one area where you can save a lot. Other areas where you can save are listed here.

Children are normally motivated by gratification. This may not be a good thing, but it is true for most of us parents. If the frugal changes you want to implement is to bring mom home to be a stay at home mom, then that should be enough gratification for all members of the family.

However if not, then work out some reward for a month of saving. The reward must not make a dent in your savings but be something that everyone enjoys.

#3 – Your third frugal budget tip is to remember to reassess your budget as you go along.

At the end of the first month you will need to see how you did. Your budget is not set in stone and has to be realistic for it to work. Keep all of your slips again from your first month on your proposed budget and tally up what you did spend against what you had projected.

Adjust your budget accordingly and go for your second month. At the end of the second month assess again.

If you implement # 1 above you should find that you are reducing your debt nicely and that you will soon have more disposable income for other savings.

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