Want to know how to budget?
How do I budget like a boss?
Start by making a note of every rand you spend, luckily with a smartphone you can download 22seven, a free budgeting tool."
. Divide your expenses into groups:
- Fixed expenses - these are essentials like utility bills, rent, mortgage, levy, insurance, debt repayments, subscriptions and bank fees.
- Variable expenses - can change monthly like your groceries, toiletries, transport, data, clothes, fuel and entertainment.
- Saving expenses - If you have a goal you are saving towards then it's best to also add the expenses that come with your savings plan.
Experts often mention the 50/20/30 formula. That means allocating
- 50% of your budget for fixed expenses and,
- 30% for flexible costs, with
- 20% going towards saving.
If it's hard to do it on your own then check out 22seven. It will help you by creating a personalised budget and keep track of your money.
With everyone trying to tighten their budgets, many are looking for innovative ways to save and stretch their money.