Telling others you’re on a budget leads to believe you’re broke, or that they aren’t willing to share with you. However, that isn’t true. Everyone should be living on a budget. Doing so prevents financial hardship in the future, and it’s wise.
It’s wise to aim for paying for things as you go, rather than utilizing “buy now pay later food”. Budgeting in this way means it helps you to identify where you can spend your money. Most individuals look at it from the standpoint that they won’t anyplace to spend it at all.
Making wise use of your money means that you can work the hours you’re scheduled, rather than feel as if you have to work overtime to catch up. One of the best aspects of drawing up your own budget is that you can get an overview of what you bring in and what is going out.
Zilch recommends listing everything that is pertinent regarding your monthly expenses like:
- Car payments, gas, insurance and maintenance
- Groceries and utilities
Paying for anything with a credit card such as “buy now pay later food” can really impede your progress on setting up a budget that you can work within. Although you could write each item down and keep a paper ledger, the Zilch app is handy for helping keep track of everything on the go.
You can even get notifications when items are due, like rent/mortgage, car payments, and other items with specific dates.
Understanding the pattern in terms of how you spend money is helpful. There are patterns to nearly everything we do in life. How we spend our money is no different. You can see what you’ve spent, and how you’ve spent it. It can help you stop and take an honest look at where you put your hard earned money.
Zilch is a great tool, and it can prevent frivolous spending on items that are wants rather than needs.