WHY TIME IS THE BEST ADDITION TO YOUR BUDGETING PROCESS

Most people would say that money is likely going to be part of your budget effort, and yes, of course, you’d most likely be on the right track with such an assumption. But the truth is that money isn’t a static force. The money you had last month is likely not the money you have this month. So, what changed? Well, you spent on necessities that mattered to you, and you earned money or used money you had in store. In other words, money is constantly flowing in and out, and this means time is one of the most essential elements of good budgeting. After all, you could be worth millions, but if you can access actual liquid funds for purchases, it may be that this means nothing in the meantime.

So, time, and its appropriate management, is the best addition to a helpful budgeting process. In this post, we’ll discuss how to make use of it, plan for the future, and keep better budgets.

Plan around priority spends

Priority spends could be considered the rocks or stationary islands in the midst of the flowing waters of your monthly spend. The basics always should always come first - a roof over our heads, food on the table, and a way to get around. These are the non-negotiables. But make sure you plan these along the timeline in which they need to be paid. A monthly spend for your rent, or an annual car tax payment can be divided and saved for each month or week instead. That way, you’re never caught out with priority payments.

Consider financing vs outright buying

Financing can sometimes be a better option than outright buying because it lets you stretch the cost out for longer. Sure, buying outright means immediate ownership. There's no debt hanging over our heads, and it often works out cheaper in the long run. But still, we need to have all the money ready to go, which isn't always easy.

Financing lets us get what we need now and pay over time, such as with VW finance to help you find the best car you may need now. It can be a lifesaver for items and lifestyle effects bound via time such as that. We don't need a lump sum upfront, which can take the pressure off. Then we can stretch the balance out for longer.

Making credit repayments work for you

If you repeatedly prove that you pay back credit, then in the future this might help you gain trustworthiness and a better credit rating to gain a great deal on a mortgage. Here, if you pay off sooner, you avoid late fees, but you can also take out more credit in the future. In other words, if you’re two weeks ahead of any budgeting measure you have, you never have to seek the downside and can benefit. Long-term thinking, such as accruing loyalty points, could also pay off majorly year on year.

With this advice, you’ll be certain to see time as the best addition to your budgeting process.

SWEETIESAL