{"id":2737,"date":"2021-01-12T14:20:58","date_gmt":"2021-01-12T14:20:58","guid":{"rendered":"https:\/\/financiallyfitlife.co.za\/blog\/?p=2737"},"modified":"2021-01-12T14:35:57","modified_gmt":"2021-01-12T14:35:57","slug":"implement-an-effective-budget","status":"publish","type":"post","link":"https:\/\/financiallyfitlife.co.za\/blog\/implement-an-effective-budget\/","title":{"rendered":"Implement an Effective Budget"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.4.3&#8243; custom_padding=&#8221;||0px|||&#8221;][et_pb_row _builder_version=&#8221;4.4.3&#8243;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.4.3&#8243;][et_pb_text _builder_version=&#8221;4.7.0&#8243; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p><span style=\"color: #000000;\">The year 2020 was a tough year and economists predict that 2021 will not be any easier. The majority of us were impacted in one way or another. Individuals lost their jobs, households experienced a reduction in income, businesses closed down and the economy had a big knock. Certainly a hard-hitting reality that caused enormous financial stress. The best we can do is to remain positive, grab new opportunities and make the most of what we have.\u00a0<\/span><\/p>\n<p><span style=\"color: #000000;\">Using a budget effectively to manage your financial situation will provide you with a strong foundation to improve on your financial wellbeing. Here are a few tips:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\">Write your budget down, use an excel spreadsheet or use an app \/ system, but don\u2019t keep your budget in your head only.<\/span><\/li>\n<li><span style=\"color: #000000;\">Include all your income sources (salary, commission, business income, rental income, investment income etc.) as well as all your expenses. That will help you to determine whether you spend more than what you earn.<\/span><\/li>\n<li><span style=\"color: #000000;\">Budget for savings even if you can only put aside a small amount every month.<\/span><\/li>\n<li><span style=\"color: #000000;\">Firstly include your \u2018cannot-live-without\u2019 expenses for example groceries, accommodation, transport, water-and-electricity etc. It is not possible to cut these expenses completely but try to see if you can generate savings on these expenses. Maybe look out for specials on groceries, buy from a cheaper supermarket, buy in bulk, implement a timer for your geyser, start a lift club to transport the children to school and activities etc.<\/span><\/li>\n<li><span style=\"color: #000000;\">Thereafter include the \u2018nice-to-have\u2019 expenses; those expenses that you actually can live without for example entertainment, clothes, beauty treatments, DSTV etc. Only include these expenses based on what and how much your budget allows.<\/span><\/li>\n<li><span style=\"color: #000000;\">Also take into account those small expenses that quickly add up over time. That take-away cup of coffee when you wait at the petrol station, buying that magazine at the till point and parking fees at malls. Try to reduce those expenses as far as possible.<\/span><\/li>\n<li><span style=\"color: #000000;\">Don\u2019t forget to include inflation and annual increases when you compile your budget especially on items like medical aid and insurance that can have rather big annual increases.<\/span><\/li>\n<li><span style=\"color: #000000;\">It is also important to budget for once-off expenses like children parties, renewal of driving licences, school uniforms and stationary.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">Wishing you a prosperous and blessed 2021. May you achieve financial success personally and within your business regardless how difficult the circumstances might be. Be money wise during 2021!<\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.4.3&#8243; custom_padding=&#8221;0px|||||&#8221;][et_pb_row _builder_version=&#8221;4.4.3&#8243;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.4.3&#8243;][et_pb_text _builder_version=&#8221;4.7.0&#8243; hover_enabled=&#8221;0&#8243; text_line_height=&#8221;1.2em&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p><span style=\"color: #000080;\"><em>To educate yourself about finances subscribe for free to the Ronel Jooste FinanciallyFitLife YouTube channel &#8211; <a href=\"https:\/\/www.youtube.com\/channel\/UCNxhoBjk_oaiB1td0u0A8ow\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong>click here<\/strong><\/span><\/a><\/em><\/span><\/p>\n<p><span style=\"color: #000080;\"><em>To download free financial tools &#8211; <a href=\"https:\/\/financiallyfitlife.co.za\/free-tools\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong><span style=\"text-decoration: underline;\">click here<\/span><\/strong><\/a><\/em><\/span><\/p>\n<p><span style=\"color: #000080;\"><em><a href=\"https:\/\/financiallyfitlife.co.za\/free-tools\/\" style=\"color: #000080;\"><\/a><\/em><\/span><\/p>\n<p><span style=\"color: #000080;\"><em>I am offering a R300 discount on my Effective Budgeting online course to all the blog readers (Standard price is R797 but you will pay only R497). Follow this link and use coupon code \u2018Blog\u2019 to redeem your discount &#8211; <a href=\"https:\/\/financiallyfitlifeacademy.com\/effectivebudgeting\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong><span style=\"text-decoration: underline;\">click here<\/span><\/strong><\/a><\/em><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Using a budget effectively to manage your financial situation will provide you with a strong foundation to improve on your financial wellbeing. Here are a few tips.<\/p>\n","protected":false},"author":3,"featured_media":2738,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[183],"tags":[61,19],"_links":{"self":[{"href":"https:\/\/financiallyfitlife.co.za\/blog\/wp-json\/wp\/v2\/posts\/2737"}],"collection":[{"href":"https:\/\/financiallyfitlife.co.za\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financiallyfitlife.co.za\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financiallyfitlife.co.za\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/financiallyfitlife.co.za\/blog\/wp-json\/wp\/v2\/comments?post=2737"}],"version-history":[{"count":3,"href":"https:\/\/financiallyfitlife.co.za\/blog\/wp-json\/wp\/v2\/posts\/2737\/revisions"}],"predecessor-version":[{"id":2742,"href":"https:\/\/financiallyfitlife.co.za\/blog\/wp-json\/wp\/v2\/posts\/2737\/revisions\/2742"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financiallyfitlife.co.za\/blog\/wp-json\/wp\/v2\/media\/2738"}],"wp:attachment":[{"href":"https:\/\/financiallyfitlife.co.za\/blog\/wp-json\/wp\/v2\/media?parent=2737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financiallyfitlife.co.za\/blog\/wp-json\/wp\/v2\/categories?post=2737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financiallyfitlife.co.za\/blog\/wp-json\/wp\/v2\/tags?post=2737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}