by William Bond

Created on: November 15, 2010   Last Updated: November 16, 2010

Yes, you can live on a tight budget, and start saving for the things you want in your life. Appoint yourself the manager of your budget, ask other people in your family for ideas on how to cut the budget down, and never add anything to your budget unless your approve of it fully. Setting a good budget is important but it must be managed carefully, and you need to find ways to cut the budget, so you can make your savings goal succeed. Here are some ideas to help you live well on a tight budget.

Where does all the money go?

People who succeed today in squeezing a tight budget even tighter, in these difficult economic times, find that investigating where the money is going every month is the first step to success. Locate your last 6-9 months of checking account records, your credit card statements, and any items paid on your debit card, and any receipts of items paid by cash.  If you find that the monthly spending is more then the income you earn, you might need to not only closely review your spending, but you might need extra income to get your finances under control. Cut down on credit cards starting right now.

Credit cards sap you budget monthly.

Cut your credit card use starting now. Pay day to day expenses using cash, or debit  card, by using you debit card, you decrease the money in your checking account. You can get one at the bank that handles your checking account. Try to pay off your credit cards in full monthly, if not use them less, and try to increase your monthly payment so you can get them paid off. By paying only the minimum amount monthly, will delay getting them paid off. Send larger payments each month to get them paid off. Have a family meeting on the budget.

Family budget meeting can work for you. 

Make a budget list, using a sheet or paper is enough, or use your computer, to get some good ideas on budget formatting you can go to the website:  Mint.com. Pass out your budget to all family members. Ask the following questions on each budget item. Do we need it?  Why?  Can we get the same service at a less expensive price from another vendor?  Do we use it enough?  If you are not using it, get rid of it now, and start saving it right now.  A recent family budget found that a family member was paying for texting on his cell phone, and not even using it. Another issue is having a cable subscription with

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