‘Where does all the money go?’ is a common question that haunts us every now and then when we check our account balance at the end of the week or the month. On our pay day we are happy with the cash in our account and budget in our hands but as the week or the month progress, the piled up unplanned and unnecessary expenses can really erode our bank account and leave us in a tight financial position.
When in such situation, you can take the help of Payday loan services to meet the sudden expenses and manage your fund till your next pay day but the best option is to review your total expenses and find out where you went wrong with your weekly or monthly budget. You will be astonished to find that many of your expenses made during the month was completely unnecessary and could have been well avoided.
It is a well known fact that expenses have a way of accumulating. We might earn enough to meet our expenses but the sad part is that if we do not take proper care of the different daily and monthly expenses, several expenses which are completely unnecessary might eat a fair share into our earnings.
If you have gone over budget in the last month, check into your expense list, you might find a lot of expenses that you haven’t planned for and quite a few those you could have been avoided.
Some of the examples of unnecessary expenses are: frequent night outs with friends, huge phone bills for sending excessive texts or chatting, ordering for Pizzas and Chinese take away every now & then, ATM fees for non- branch withdrawal and many more such petty expenses that can sum up and create a huge burden on your monthly budget. You might like to reward yourself with a nice dinner after a hard week but it is also important to understand your budget and restrict yourself from over-spending.
Unplanned expenses can also contribute towards your over budget. For example: Repairing a flat tire, above average heating bill in the winter month, an unexpected school trip for your kids and so on. These are the kind of expenses that you cannot avoid but since they are not provisioned for they may cause trouble in your monthly balance sheet. The best way to meet these types of expenses is to keep a little money aside every month for these unforeseeable expenses.
Social spending is another expense that at times might force you to spend more than permissible amount. Like going out for an expensive anniversary dinner or celebrating your kids’ birthday or Christmas and New Years. These spending are hard to avoid but these will be more than luxuries for you if you have outstanding credit card bills or other utility bills which are essential to maintain livelihood. These things are hard to compromise on but sometimes have to be done in order to maintain a healthy bank account.
While planning a budget, you might encourage your family member to join in so that everybody could contribute their ideas on mitigating expenses and a proper budget can be drawn. If your budget still does not look good, consider a second job or a change in job or may be a little change in your life style.