These budget tricks will help you make more of the money you have

You may plan to set aside money for recurring expenses that take a big chunk of your income, such as your mortgage or annual tuition bill for your children.

But you might not always follow-up on those intentions. That is because there’s daily, weekly, bi-weekly, monthly and annual spending for which you have to plan. And those expenses can creep up on you, Ariely said.

Just looking at your checking account balance can be misleading.

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Take two people who have the same income and mortgage payments. The first person pays their mortgage on the first of the month and the other pays their mortgage on the twentieth. The second person will feel wealthier than they really are for those first 19 days, according to Ariely.

“They’re not really richer,” Ariely said. “The money has not gone out yet.”

One way to prevent that is to pay your bills immediately when you get paid.

Another approach is to set up separate accounts for your big expenses, such as your mortgage or children’s tuition.

In the end, you will better understand how much money you actually have. And you’ll avoid overspending because you think you have the money, Ariely said.

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