It’s hard enough for us to learn budgeting tips on our own as youngsters. Kudos to all those who learnt this skill all on their own. I suggest you equip yourself with tips from the 14 creators of Wealth Bankers Job Arena if you still have budgeting issues. These 14 are young Africans who helped create a job Arena on a low budget in less than 3 months. Money was a problem yet they pushed past it and attained success. Here’s what they learnt from their battle with finances during their months on the job arena project for WealthBankers.
- Think Positive- Frank Chisom
Most people approach budgeting thinking it’s a trap that’s going to pull them down into misery. Budgeting is not punishment. You don’t have to give up the things you love. It’s just to help you track your expenses. And make sure you splurge on things essential to you whiles making sure you don’t end up broke or in debt; trust me, you don’t want to experience these two states of financial statuses.
Once our team understood this concept, the talk on budgeting for the team’s expenses ceased to be strained.
- Don’t rely on mental notes; write down every single thing you need –Farina Armah
Setting priorities for materials you need for a project can be quite hard to remember if not written down in a notebook. Taking mental notes are fine but the average human forgets a lot of things or recollects them inaccurately without consulting hard facts.
Whether you are creating a budget for yourself, your family or office, writing things down is a must. It will keep you on track so that you don’t end up eating out, splurging on tickets for an event or buying double items which are totally out of your budget.
- Write a new Budget each month- Nana Ofosu Aning
If you decide to follow a monthly budget, write out a new one each month because each month is different. Some come with holidays and festive seasons that may hold a special place in your heart hence needs celebrating. Therefore all this has to be factored into the budget.
If you keep the same budget for each month without considering even festive seasons such as Christmas or holidays, you will end up destroying your budget habit. Creating a reasonable fresh budget that will cover outings and events for the special festive seasons and holidays will ensure budgeting doesn’t become a grueling chore that will eventually bore you out.
To ensure team members wouldn’t be prone to burnout, the few holidays we had were spent on affordable group outings where fresh ideas always managed to pop-up. Don’t underestimate the influence of festivities
- Shadow your Budget- Faustinus Angmortey
Knowing where your money goes makes it easier for you to know what you spend a lot on and can cut down on if possible. This will avoid having to ask yourself always about what you spent on and how you spent it.
Assigning someone to do this is the best way to go for a team. Individuals will have to monitor their budgets by themselves which is a lot easier than the former.
- Embrace Bulk Purchases –Theodore Adrohu
Buying little things are cheap for the one time purchase but consider buying them over and over again then you’ll be reminded of the saying, “Little drops of water make a mighty ocean.” If you will buy little things that cost little frequently, purchase them instead, in bulk to avoid spending more than is necessary.
When our team blew the budget for 2 weeks’ worth of bottled water in 3 days, we didn’t need to be told to get our water in boxes rather than purchasing them a bottle a piece.
- Get Others on Board- Jane Love
If you are in a team, budgeting shouldn’t be done by one person. It will take the fun out of the project as it’s a horrible atmosphere if people feel things are imposed on them without a choice.
Sitting down together as one to brainstorm what’s needed and what’s not, creates a spirit of togetherness since this is one aspect of a project where everyone’s idea counts. Moreover, the chance of forgetting things too will be down to zero percent.
We hardly ever missed anything for our budgets when we adopted this approach.
- Be ready for Revisions- Kingsley Peace
You might not get it right the first time you create a budget. You may either overspend or find it hard to follow since your budget is too low. Don’t discard the habit after just one try. Keep making adjustments till you get the right budget plan to suit your lifestyle.
14 is quite a huge number for a team project on a low budget. It took a while to learn how to cut down on the team’s transportation expenses since it was an area we spent too much on. We finally thought it wise to put together a team of 3 to handle all errands one at a time and it worked out brilliantly to cut down cost.
- Be resourceful- Nana Ama Williams
There are lot of techniques you can use in controlling the way you spend your money. Budgeting being one of them. When this technique shows you where you spend too much, it’s time to learn new ways of cutting down the expenses in that area.
When the team realized that disposable cups caused a dent in the budget, we agreed to get personal mugs. Washing them was a bore at first but when we noticed that it made certain our hands got cleaner after washing them hence our health was guarded, it was worth it.
If watching movies at the cinema is taking a lot out of your budget, why don’t you enjoy a movie at home with popcorn, coke and friends to mimic the cinema?
- Build Negotiating Skills – Agape
Everyone on a budget will have to learn how to be a sweet talker to be able to get good deals for products. At a point, you will have to negotiate to get fair prices or discount on deals to cut down costs.
I didn’t know I was good at negotiating till my team’s budget situation brought unearthed this skill. It helped us a lot but helps me most of all.
- Categorize the Budget- Lydia Baba
Arranging expenses into categories doesn’t only make the budget clearer, it makes it easy to follow and understand. Also, in case you decide to look back on it, it won’t be hard work.
When it was time to present a financial report, our monthly budgets were the guide. We had no trouble at all putting it together. They were the perfect guide.
- Don’t Purchase on Credit- Manny Obeng
In any case, it is not a good habit to owe money. Unpaid monies don’t reflect on your budget thereby makes you think you have money which in actual fact, you don’t. Adopting the habit of paying for items outright makes it certain you are not fooled into thinking you spent below budget.
Our team learnt this the hard way when we got a printer on credit and someway somehow forgot to make provisions to pay for it. We had to pinch from the budget of subsequent months to pay for it.
- Say Hello to Second Hand Equipment- Aseda Yeboah
Brand new items are a luxury when you live on a budget. Second hand items are equally durable. The trick is to know where to purchase them. Research a lot about where to get quality second hand items and still enjoy owning the things you want.
All our workspace items and gadgets were bought from second hand stores yet there was never a day any of them broke down.
- Get Help- Ernest Adjei
These days, there are budgeting tools that you can use to track your spending. If you want to go this way, seek advice from anyone knowledgeable in finances to show you the way to the most appropriate tool for you.
In the beginning, the team considered steering in the direction of using budgeting tools but were advised not to go that way in the mean time since we had enough hands and eyes to manage the budget by ourselves.
- Be Focused on the Goal- Gertrude Asiome
It can be hard to stick to a budget when you constantly have to take money out for expenses and keep it on the low. This is the reason why you have to be brutally honest with yourself every step of the way and remind yourself of why you are staying on a budget. This could be to keep yourself from overspending and landing into debt, knowing where your money goes and controlling it or saving up for a trip or something dear to you.
For the team, their goal was to avoid debt as this would have greatly hindered the timely completion of the job arena. Being able to stay in their budget every single day was a huge victory for us and this we followed diligently as it brought us a peace of mind to work on our project. Truth be told, this is one of the reasons why they were able to finish the job arena ahead of schedule.
It’s your turn to start budgeting. I hope these tips from the team of 14 Wealth Bankers Job Arena creators will speak to you to start a budget
Author Bio: Gertrude is a warm Christian lady who likes to share her thoughts with others through writing. Her passion for guiding people through life with bits of knowledge rule her world. She loves soul music and books too.