Living Cheap Top 10 Tips - Number 8

Fri, 17/02/2012 - 18:48 -- nick

This series of articles from Living Cheap helps provides a useful guide to how to live life on a low income. They are ideal for those of us living on benefits, although not all of the tips will help all of us. Living on a low income needs planning, and the ten tips will help you plan not just for the everyday, but also how to deal with financial emergencies.

Number 8 - 'Track Your Progress
Using the techniques above you should be able to check at the end of each month, how much you earned, how much you spent and what you spent it on as well as how much you saved. Record these numbers in a table so that at a glance you can see how well you are doing by comparing each month to the last. You can now use this information to set yourself a target at the beginning of each month to at least match what you managed to save last month. Without even realising it you have put together a simple budget for yourself and it is one that works and is based on sound thinking. This will help you keep your spending under control. Not only that but by recording what you have saved every month you will start to see some bigger numbers come into the picture. Imagine, if you had managed to save £50 in a savings account for the last six months you would now have £300 stashed away. Not bad for simply applying a few rules to your spending habits.'