Top 10 Tips To Stay Within Your 2021 Budget

Jan 11, 2021

How much money do you make each month? As each month ends, how much do you have left? For most professionals and workers, salaries and wages just fly away, and life is just spent longing after payday, spending them all, and repeating the cycle over and over again.

Do you want to escape this unfortunate fate? Don’t worry; there is still time. And now, at the first few days of 2021, is the perfect time for you to reinvent yourself towards a better and more financially savvy version of yourself.

To start with, here are 10 easy tips to help you stay within your budget and save money in 2021.

  1. Set up monthly financial goals.

If there is anything you want to pursue in life, the first thing to start with is to set your target and design your plan. So, before anything else, reflect on what your financial goals would be for the rest of the year. Why would you want to save more money? Is there a major purchase you want to do before the year ends?

Aside from this, you can set concrete plans in relation to your goals. How many days or weeks of savings will it take for you to get that goal – and at the end of it all, is it worth it or should you save for something else?

  1. Pay yourself first.

Unlike what people may have been taught, there is nothing wrong with rewarding yourself. If you dare ask many successful in this world, they were able to gain success because they paid themselves first. How do you do this? Simply by keeping a small portion of your earnings for yourself before you organize your budget. No matter how little the income might be, get about 10% for something that will make you happy.

For this part, it is up to you to decide how you would go about it. You can opt to use for buying books for self-development, you can learn new skills, you can spend on a hobby, or you can use it to invest.

  1. Create a budget worksheet.

There’s no easy way to do a reality check aside from actually taking time to crunch in the numbers. Even if you are not that savvy in Sheets or Excel, you can start monitoring your money by designing a worksheet listing income and expenses.

With this list, you will be able to monitor the amount of money that comes in and how much goes out. You will get to see where you might have been spending most of your funds and if there are places you have been going overboard in your spending.

  1. If you are unsure, use the 50/30/20 formula.

Many people follow the 50/30/20 formula in managing the income they receive. Basically, this means that 50% income should be allotted to your necessities like food, housing, and water. Then, you can use that 30% to buy your wants, like eating taking out, traveling, and shopping. Finally, say goodbye to the remaining 20% for your savings.

5. Improve your cash flow by getting a side hustle.

Though this might not be a budget tip if we’re being technical, a side hustle will give you a little freedom on the amount you can spend. Nowadays, they are so many ways to earn income, even some that you can get passively and without much effort.

To start, you can use your extra cash to earn through P2P lending. This is an investment platform that you do online. You just sign up, invest on loans for borrowers, and reap the earnings from the interest.

  1. Set automated transfers to a high-yielding savings account.

If you want to develop an indestructible savings habit, you should talk to your bank and set automated transfers every after payday. This way, you won’t get easy access to all of your money and you will be able to save as much as you can without being tempted to take the funds at any time.

  1. Apply for a loan to help you cover for a major purchase.

Are you in need of something in your life that costs beyond what you are comfortable with? Consider taking out a loan. This way, you can stretch out the expenses for a few months and you will not suffer from going over your budget. You can try out borrowing from P2P platforms, as they are known for having lower interest compared from the traditional lending institutions.

  1. Take your time to decide before purchasing anything you don’t really need.

In the world of online shopping apps, it can be so easy to surrender to impulsive buying. If you can’t help but scroll through these apps and add items you want on your cart, here’s what you can do. Let the items sit in your cart for a day or two. These hours will give you the time to really weigh down its importance. Tip: If you can’t stop thinking about it, then, yes, you can give in to the feeling.

  1. Before you buy groceries, make a shopping list (and stick to it!).

When it’s time to shop in your favorite supermarket, take some time to write the things you need. Aside from helping you avoid forgetting important things and shorten shopping time, a list to tick off will keep you within your budget and stay away from randomly picking out things that might distract you.

  1. Take part in savings challenges.

If you scroll around social media, you’d probably see a few ‘ipon’ challenges floating around. You can join somebody else’s challenge, or you can create on for your own. Don’t forget to share your journey on social media for accountability and pressure, as well! Not only will this activity make saving up more fun, you will surely appreciate the rewards waiting for you after.

Let Help You Achieve Budget-Friendly Goals in 2021

This year is filled with possibilities and let us all embrace it with hope and excitement. Make this the year where you achieve comfort in your financial status, or perhaps achieving the freedom to prepare for your future. Whatever it is, you can make the most of’s investment programs or loan opportunities to bring you closer to the success that you seek.