{"id":179267,"date":"2025-01-04T05:05:00","date_gmt":"2025-01-04T10:05:00","guid":{"rendered":"https:\/\/milesopedia.com\/news\/learn-gerrymandering-budget\/"},"modified":"2025-02-04T11:37:04","modified_gmt":"2025-02-04T16:37:04","slug":"learn-manage-budget","status":"publish","type":"post","link":"https:\/\/milesopedia.com\/en\/guide\/strategy\/learn-manage-budget\/","title":{"rendered":"Learn to manage your budget to save money and travel more"},"content":{"rendered":"

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Learning how to manage your budget<\/strong> is a bit boring. Right? But what if I told you that managing your budget could help you save money and travel more? In this article, I share with you my best tips and tricks: budgeting, saving, strategy, and much more. At the same time, I’d like to share a little anecdote with you. <\/p>\n

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A friend of mine told me that she didn’t think it was possible to travel as much as I do, because she doesn’t make a lot of money. Yet she has a better income than mine! What I found ironic was that we were having this conversation while she was enjoying her Starbucks<\/a> coffee and eating her chocolate bread.<\/p>\n

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So I made some calculations. This daily treat costs her about $8<\/strong> “only”. She was very surprised when I told her that she spends $2,920<\/strong> ($8 x 365 days) on lunch on the run, because she even goes there on her days off! At an average tax rate of 25% (marginal 36.12%), it takes about $3,900<\/strong> in gross salary to afford this expense, which is equivalent to one month’s salary. <\/p>\n

Is it worth working for a month to have the luxury of breakfast on the go every morning? The answer is personal to her, and I’ll never judge her; to each his own<\/strong>. <\/p>\n

All this to say that it’s essential to draw up a budget to be aware of how much money we have coming in and going out! Then, manage your budget<\/strong> and make choices according to your priorities. <\/p>\n

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Here are my best tips and tricks to help you regain control of your finances, learn how to manage your budget<\/strong> and save!<\/p>\n

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I am not a financial planner or advisor. These are tips and tricks drawn from my personal experiences. Your personal and financial situation may be different. <\/p>\n

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Of course, the first step is to keep track of your expenses. Make a list of your weekly, monthly and annual expenses. But you don’t need to be up to the cent. However you do need to know how much you’re spending in each category<\/a> or expense item. That’s the only way you’ll be able to analyze your habits and optimize all those hours spent at work! <\/p>\n

It’s often the “phantom expenses” like the morning coffee that can surprise us, because they’re very small amounts. They accumulate and you don’t notice the financial haemorrhage. Once you’ve identified them, you can decide whether or not to keep them, but it will be a well-informed decision! <\/p>\n

The large annual expenditures should not surprise us. After all, it’s the same thing every year: Christmas presents<\/a>, license plates, dentist appointments<\/a>, etc.<\/p>\n

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Do you know approximately how much money will be in your bank account<\/a> at the end of the month? In 3 months? In 6 months? <\/p>\n

This may be a personality thing, but I like to know what my expenses are going to be so I can readjust. I’m sharing the Excel file we use in our family. Check out our toolbox<\/a> to download it. <\/p>\n

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In short, this tool allows us to calculate all our cash inflows and outflows over the course of a year. To use it, simply fill it in with your figures. You can use it “as is”, or use it as a basis and adjust it according to your situation. Each month, simply : <\/p>\n