I need assistance making expense reductions and adhering to a budget

My partner and I cover our own expenses such as car and phones. She is the primary earner and has been requesting assistance with rent and daycare, which are our shared and most costly expenses. I handle utilities (thankfully, water is free), streaming services, and groceries most of the time.

I admit I struggle with money management and budgeting. While I grasp the basics—income minus expenses equals savings—I sometimes make impulsive decisions, like opting to dine out instead of cooking, or buying new books instead of reading what I already own.

Given my starting salary of $20 per hour in my field, I acknowledge I could contribute more towards rent and daycare, but currently, I’m unable to do so. I’m seeking advice on reducing expenses and improving my budgeting skills to curb unnecessary spending.

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Budgeting is crucial for managing your money effectively. Here’s what helped me:

  1. Know Your Goals: Figure out why you’re budgeting—whether it’s for a fun trip or an emergency fund. This keeps you motivated.
  2. Use Simple Tools: Try a budgeting app like Habit Money. It sends reminders and gives helpful tips without being too strict.
  3. Be Consistent: Check your budget regularly, like once a week, to catch any overspending and make adjustments.
  4. Automate Payments: Set up automatic payments for bills and savings so you save time and avoid missed payments.
  5. Get Support: Share your budget goals with a friend or family member. They can help keep you accountable.
  6. Include Fun: Don’t forget to budget for some fun activities or treats. It’s important to enjoy life!

I also like that Habit Money lets you connect with a money coach. Talking to a professional can provide personalized advice and keep you motivated.

Remember, budgeting is a process and it might take some time to get it right.

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Tips on sticking to your budget:

  1. Make a budget and stick to it.
  2. Avoid eating out.
  3. Always make a list before shopping.
  4. Buy local brands.
  5. Make use of weekly offers on groceries.
  6. Use public transport and carpool.
  7. Avoid installing shopping apps.
  8. learn something new that can be an alternate source of income
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