My top 30 tips for keeping more of what you earn and living life on your terms

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Budgeting can seriously give you freedom. After five years of doing it, here is everything I can teach you about budgeting in two minutes.

1. Find a budgeting app. The best one is the one you can be most consistent with (the app I’ve used for the last 5 years is at the end of the article)
2. The hardest part is the beginning. Being aware of where your money is going can be hard to come to terms with.
3. Your money is going to go places, either you know where or you don’t.
4. You’ll find all those subscriptions you signed up for, but now never use.
5. As much as you plan for everything, there still will be unexpected expenses that hit you in the face.
6. Pay down your highest interest rate debt first. Usually these will be personal loans or credit cards.
7. Getting to the stage where you can budget one month in advance, means you’ll never have to worry about how often you get paid (weekly, fortnightly or monthly).
8. Give yourself some wriggle room by having a miscellaneous amount that you can spend on anything you want.
9. Budgeting your money gives you freedom, you get to control the categories.
10. Aim to put at least 10% away in dedicated savings that isn’t allocated to an upcoming purchase. Being consistent and paying yourself first is a game-changer.
11. The more narrow your classification of expenses, the easier it will be to set limits and make changes.
12. Being accountable to someone else will increase the chances of you budgeting consistently by 90%.
13. When you get a pay increase, there is a high likelihood that your expenses will go up the same amount. So much so, that there is a name for it. Lifestyle creep.
14. Budgeting is like calorie counting for your finances. You can’t manage what you don’t measure.
15. Track what you spend at least weekly, any longer and it becomes easy to forget what you spent your money on.
16. The older you get the more expenses you will have.
17. Invest in yourself, that includes your health, your mindset and your skill-set.
18. The excitement that comes with purchasing something new will usually disappear within a few days.
19. The best time to start budgeting was yesterday, the second best time to start is today.
20. Budgeting gives you a reason to say no, not right now to things.
21. Having a goal that you’re working towards gives you more meaning than achieving the goal itself.
22. Even if you don’t drive your car, there will still be costs to keep it running
23. Buying in bulk can save you money, as long as you plan on using it all.
24. Donating some of what you earn will help build an abundance mindset.
25. Be flexible and don’t be afraid to change how you budget.
26. Eating out is one of the easiest categories to spend money on and can quickly stack up.
27. You’ll be surprised at how little you need to actually live on.
28. The constraints you place on yourself will actually cause you to get more creative with what you have.
29. Never spend more that you earn, as it can quickly turn into a habit that is hard to get rid of.
30. Wait 14 days before making a major purchase. This will give you time to think about whether you really need it.

Recommended Budgeting Software: You Need A Budget (YNAB)

Final Piece of Advice

The biggest mind-shift that you’ll have to conquer is that budgeting gives and not takes control over your finances.

And control gives you power, the power to live life on your terms.

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