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We’ve mentioned that one of the reasons personal budgets fail is because people don’t remember to give themselves some spending money for entertainment or leisure purchases. Instead of trying to guess how much you’ll spend every week or month on fun, set up a “fun fund” you can add to or drain depending on your mood.
Saving money isn’t easy; in fact, we’re wired not to do it. Fortunately, little mental tricks, such as forcing yourself to document when you spend money, could help you from overspending.
Budgets tend to allot cash for everything that we spend in a month. While a zero-sum budget is fantastic, it also helps to create a bare-bones budget at the same time. You can then compare between the two.
A zero-sum budget is an excellent way to reduce your spending and save more. Personal finance blog Money Crashers suggests taking this to the next level by emptying your main accounts every month.
Everyone has a budget to stick to, and it’s important to set a little aside for entertainment. A great way to avoid overspending is to buy gift cards for yourself.