Simple Tips And Smart Tools For Easy Budgeting

Published 6:44 am Tuesday, July 17, 2012

(NAPSI)From summer travel to back-to-school season, many Americans find it challenging to budget for special purchases.

Thinking of your next big purchase or just wanting to better manage your everyday spending? Here are five tips to help you stick to a budget:

1. Set prioritiesMap out your basic needs and go from there. If you commute 10 miles to work, having money for gas is much more important than, say, a premium cable TV package. But once you set your priorities, re-evaluate them every couple of weeks.

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2. Reduce, dont deprivePart of any budget is managing the everyday luxuries-from a favorite magazine to the occasional night out. Its important to set a budget for these purchases based on what you can afford, but dont deprive yourself. Were all humanand completely cutting out simple pleasures like these can set you up for failure.

3. Track progressRegularly measure how things are going. It helps you understand where you need to make adjustments and can give you a sense of gratification when youre staying on track. If its your first time making a budget, dont be surprised if you fall short of your goalslike with anything, practice makes perfect.

4. Think DIYOne of the easiest ways to save money is to take a do-it-yourself approach to things you enjoy. Think long term: If you are a coffee lover, upgrading your in-home equipment may come with costs, but it can save you money in the long run to make those lattes at home instead of paying $4 a cup at the coffee shop.

5. Budget and manage your money smartlyFind a way to manage your money in a way that works for you. While some consumers keep cash budgeted for restaurants, movies and other fun activities in separate envelopes each month, there are also more secure options available-from savings accounts with automatic contributions each month or reloadable prepaid cards that ensure you dont spend more than you have.

More and more Americans are looking for new financial products and services that help them manage money on their terms, said Ryan McInerney, CEO of Chase Consumer Banking. Weve recently introduced Chase LiquidSM, a reloadable card that offers customers control, flexibility and convenienceits low-cost, and FDIC-insured.

Chase Liquid, which can be used anywhere Visa is accepted, has a flat monthly fee of $4.95 with no additional charge to refill the card with cash or checks at Chases 10,500 DepositFriendlySM ATMs and 5,500 branches nationwide. Customers can also withdraw cash at no additional charge at all of Chases 17,500 ATMs and 5,500 branches nationwide. There are no overdraft fees and no minimum balances to maintain the accountonly an initial deposit of $25. In addition, customers can check their balances for no additional fee at Chases ATMs, telephone, branches, online, via text or e-mail, or by speaking with a customer service representative.

 

On the Net:North American Precis Syndicate, Inc.(NAPSI)