12 Budgeting Hacks To Improve Your Success

When it comes to the dream of being financially secure, we can't overstate the importance of budgeting. Lots of us have budgets, but few of us implement them effectively. It's tough to find the motivation and discipline to stick with it. However, there are a few things you can do to increase your budget success! Here are 12 budgeting hacks to improve finances.

Find a budget buddy

- It's difficult to motivate yourself when you're all alone. Having another person that you're accountable to can be an excellent way to keep yourself, and your budget, in check.

Frequently revisit your budget

- It's always a good idea to keep your budget updated and relevant because life moves fast and things can change. After your first budget, you might realize that certain restrictions are unrealistic, or that you can cut down even further. Things like income, bills, rent, and employment can all change, and when they do, it's time to revisit your budget.

Use a budgeting app to track your spending

- Keep your receipts, review your bank statements and go over your credit card statements. Budgeting apps like Mint.com make the entire process super easy. It practically does it all for you. It's so handy that banks and credit unions across Canada have started to incorporate budgeting tools into their apps as well. Take advantage of these tools we have at our fingertips and make your budgeting easier.

Set up automatic payments

- Instead of relying on memory to make all your bills on time, set them up automatically. You can even schedule your bill payments to come out on payday, so you never really see the money at all.

Set up automatic savings transfers

- This is similar to setting automatic payments, except instead of automatically paying bills, you are automatically transferring money into your savings account every month. Now, saving isn't something you have to remember to do.

Hold household budget meetings

- If you are part of a household with other spenders in it, make sure you're holding monthly budget meetings with them. This way, you can communicate your struggles and hold each other accountable.

Use cash

- For budget categories that you have difficulty sticking to, try using cash instead of credit. Withdraw as much cash as your budget allows and when it's gone, it's gone! This strategy can help prevent overspending in your problem areas.

Use your loyalty points

- Canadians have an estimated $16 billion in unused loyalty points. These points have real value and can reduce your monthly expenses in significant ways. You just need to keep track of them and make sure you're redeeming them before they expire.

Set goals

- Part of your budget should be setting specific financial goals. These goals can include saving a specific amount of money, paying off certain debts or improving your credit score. Setting goals will give you milestones that you can use as motivation to keep going with your budgeting efforts.

Reward yourself

- Rewards are powerful motivators and can make the difference when it comes to the success of your budget. Make them reasonable but also awesome enough to keep yourself on budget.

Get a secured credit card

- A secured credit card requires a deposit to be put down, equal to the amount of the card's limit. With a secured credit card, you can't go into debt, making it that much easier to stick to your budget. Refresh Financial has one of the lowest interest secured credit card's available, with only a $200 minimum deposit. Apply today! You're guaranteed approval!

Get a secured savings loan

- A secured savings loan is one of the most effective ways to boost your credit score. It will even help build your savings! It works differently than a traditional loan in the sense that there is no money upfront. Every payment you make is reported to the credit bureau, (which builds your score) and at the end of the program, you receive the loan payout. Cash-in-hand with a brand-new credit sore!