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Stay On-budget with This One Easy Hack!

You did your best to create a budget that allows you to meet all your monthly expenses without a headache, as well as to stay on-track with your financial goals. But, despite all your planning, you find you are somehow still overspending each month! While a raise in rent or increased energy bill may require budget adjustments, if you are spending more every month than you intended, try this one new habit: prepare and carry a cash allowance.

Here are three things you should know about carrying a specific, limited amount of cash:

  • How Much Is Enough?: In order to identify an accurate amount of cash you want to give yourself access to, evaluate your monthly expenses. If you have taken all your living costs into consideration, and no unexpected expenses arise, this should be the only amount of money that you need to spend, in addition to automatic bill payments and your savings transfers.
  • How Will It Help Cut Spending?: Carrying a cash allowance will help you both to keep visible track of your spending as well as to give you a definite limit, to guarantee you only spend exactly what you intend to. Many of us have a habit of buying a snack or new clothing item when we are having a bad day. Rather than indulge in this routine, with a limited amount of cash at your fingertips, challenge yourself to find more affordable ways of caring for yourself, or find other areas to cut your budget.
  • How Will It Help Increase Saving?: If you have your necessary and discretionary spending under control, you are preventing yourself from accidentally spending funds you intended to save! Maintain the progress you want to see on your financial goals by sticking to your cash limit.

The next cash-minded step you should take, in addition to gaining control of your daily spending, is to build an accessible emergency fund, so that you can cover any demanding, unexpected expenses and avoid having to go into debt to pay your bills! And if over-spending is an issue, whenever possible, leave your credit cards at home. Resist the ease of online shopping.

To learn more ways to improve your financial life, visit the Syncis blog at