How do I budget more efficiently? I love travel but I also want to maintain some type of savings account!

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Posted by Nora Douglas (MONEY FORUMS: 7, Answers: 0)
Asked on March 6, 2017 10:23 am
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Some of our writers have some useful tips for this one! For travel specifically, Pauline gives some good advice on how to keep your travel expenses low (her piece on “How to Travel Around the World for $20 a Day” is just one of many: https://centsai.com/travel-blogs/travel-around-the-world-for-20-a-day/). And Cat Alford gives some good advice about how your mindset and your approach to your priorities can affect (and help) how you incorporate travel into your budget (https://centsai.com/travel-blogs/you-can-travel-the-world-without-breaking-the-bank/).
As for building up savings, Allison Martin gave some great tips for building up an emergency fund when somebody else asked about the issue (https://centsai.com/questions/view/what-is-the-fastest-way-to-rebuild-an-emergency-savings-once-you-have-to-tap-it/), and her advice can be applied to building up other kinds of savings, as well (your retirement fund or your “buy a new home” fund or whatever else you may be saving up for).
In terms of specific budgeting methods, every person has their own “right way” that works for them. Some people find it easiest to make up an Excel document to keep track of their expenses, while others find that an envelope system (http://centsaiadulting.com/stuffing-envelopes-with-cash-can-be-rewarding/) is the most useful method. (A lot of people use the envelope system to help their kids get started with saving, but it can be useful even for adults.) Some people try taking out a set amount of cash for the week or month and not allowing themselves to use their cards (http://centsaiadulting.com/why-you-should-try-only-buying-in-cash/), while other people prefer to take more digital routes, like using budgeting apps and/or autopay (https://centsai.com/technology-blogs/a-lazy-persons-guide-to-easy-budgeting/). In the end, it’s all about what’s most intuitive for you!

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Posted by Evan Sachs (MONEY FORUMS: 2, Answers: 3)
Answered: March 16, 2017 1:03 pm