Personal Budgeting Tips - 4 Things You're Doing Wrong

From coast to coast, America is getting financially healthy again. As more people get back to work and new jobs are offered, the country has slowly but surely made its way back from the recession into a much brighter future.

All the more reason to start saving and getting your budget back in order as well.

Lots of people overspend and then grimace when they look back at their shrunken budgets, wondering how and why this came to be. As we watch our checking account balances dwindle, we often are perplexed at our personal spending habits. But that doesn't mean that it's too late to get things back in order. Start with the basics, experts advise. Use these personal budgeting tips to reclaim your financial freedom, one step at a time.

Stop Splurging On Needless Items

Do you really need that extra-large coffee from Starbucks every morning that cost $9? What about those five things you get from the convenience store? That bottle of water when you have water at home?

Take a look at what you are spending by reviewing your checking account statements. You'll quickly find that there are areas where you can drastically improve with just a bit of restraint. A simple home brewed cup of a coffee in a thermos and store-bought bottled water in bulk could easily shave a nice chunk of change off your monthly spending habits.

Avoid Binge Buying

We all are guilty of this. Most commonly, it happens at the grocery store. Usually when we are shopping on empty stomachs. Those last minute items, the things you want but don't really need, all count. Apply this method to any shopping excursion: eat before you shop. Turn your head the other way if you see a Starbucks, unless you want to add $9 to your grocery bill. Keep in mind that restraint is the main word you want to learn when reigning in your budget.

Limit Eating Out

Everyone loves to eat out. But eating out takes a chomp out of your budget, too. Romantic dinners can easily be had at home for a fraction of the price. When the call beckons to dine out, scrap that dinner plan and dine in for a fourth the cost instead, and increase your cooking skills. Learn new recipes and try new things. Challenge yourself to create a dish that you have never cooked before while on a budget. Make the kitchen your own edition of Iron Chef.

Living Beyond Your Means

This is obvious, but must be said. Those tempting offers of just so many dollars per month to get that new TV or smartphone really add up. And they add up fast. Consider your annual budget before you sign any contract obligating you to long term monthly payments. If you carefully chart everything out for your monthly spending, and you adhere to these simple personal budgeting tips, you may find a bit of wiggle room in your budget to do more things in the future.

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