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Budgeting for Tradies
Let’s face it, no one likes budgets, however, a budget can be a very helpful tool in creating cash flow and reaching those savings goals you may have.
If you are a tradie and find yourself living from pay to pay, then the following may be of interest to you and eliminate that feeling of having bills to pay but no income to pay them with.
1. Write down where your money goes
Write down where your money goes – from a mortgage, rent, bills, credit card and loan payments as well as your day to day expenses such as food, car and entertainment expenses.
You may get a shock as to how much you are actually spending each pay cycle.
2. Pay bills on time or pay all your bills when you get paid.
By paying all your bills when you get paid, it will prevent overspending on nonessential items.
Even setting up direct debits on your recurring expenses such as rent, mortgage, loan payments is a good idea.
3. Set savings goals
Set up another bank account and commit to saving a small percentage of your income each pay cycle- start small and increase over time.
This will help when jobs are held back due to bad weather and the bills still need to be paid.
Shop around to see if you can get a cheaper rate on loans, credit cards, even utility bills. You may be surprised at how much money you can save.
Making a few small changes to how you manage your budget can make all the difference.
Check out another recent blog in this category.
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