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Budgeting Finances: When To Spend & When To Save

October 16, 2019 by Hailey Harris Leave a Comment

When it comes to budgeting finances, knowing when to spend and when to save isn’t always perfectly clear. In fact, it can be downright tricky to figure it out. Here at Voila Moola we’re set on helping our readers navigate budgeting finances more easily. So here are some tips to guide you.

Do you know the budgeting finances two most important questions? When to spend and when to save

Contents
1 Budgeting Finances
1.1 Needs vs Wants
1.2 How Useful Is It?
1.3 Consider Your Budget
1.4 Learn How To Think Long-Term

Budgeting Finances

Everyone knows that saving as much as you can is always a fiscally healthy way to live. But how much savings is enough, and how much can you spend? Only you can make that decision for your own set of circumstances. But here are some helpful things to think about.

Budgeting finances is such an important part of life. You'll want to know these tips

Needs vs Wants

Anytime you’re faced with a decision about whether to spend or whether to save, consider if you really need the thing you’re thinking about buying. Is it necessary for health and well-being {such as nutritious food or money for a home repair}? Or do you just want it because it would be fun? You’d be surprised how many people don’t have this figured out!

When Budgeting finances it's important to dictate your needs vs your wants

How Useful Is It?

When you’re thinking about spending your money on something that is more of a want, make sure you consider how useful it is. Is it something that will make your life easier? Or would the money you save be more useful in the long run?

Consider Your Budget

Many things will be dictated by your savings and checking account, but don’t let it get to the point where you just spend if there’s money there without taking into consideration your upcoming necessities and bill payments. Track your spending for a month to see where you can cut back, and plan to put that money directly into savings.

When budgeting finances one thing you should consider is what your budget consists of. That way you can make a thorough plan

Learn How To Think Long-Term

You might have the money for that short-term want, but will spending it compromise something you want even more in the future? Learn how to think about what your future needs might be, and save accordingly so they don’t take you by surprise later on.

Filed Under: Budget Your Money, Budgeting, Money, Save Money Tagged With: all things finance, budget your money, Budgeting, Budgeting Finances, Financial Advice, Savings, when to save, when to spend

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