Did you know how many people in the US live paycheck to paycheck? Shockingly, it's not just the people on the low end of the spectrum who are living paycheck to paycheck. In fact, 48% percent of people who are making over $100,000 live paycheck to paycheck. Plus, on average, around 25 percent of people in general aren't setting any savings aside each month.

Best Budgeting Methods

These statistics are shocking. You need to learn proper budgeting methods to start banking money and get you to the point where you don't have to live paycheck to paycheck.

Evaluate your current spending habits critically. You obviously have expenses that you can't live without. For instance, you can't live without paying your rent/mortgage. You need to pay your electric, phone, and water each month.

However, how much do you spend on a regular basis that you don't need to spend?

For instance, do you drink coffee from a major chain or gas station each day? Something that seems natural for you to do and isn't costing a ton really adds up over time. If you're spending $2.50 on a coffee drink five days per week, you're spending $50 per month. While that doesn't seem like a lot, it can when you start putting that $50 into your savings.

Another unnecessary expense you might have is eating out. The Bureau of Labor Statistics (BLS) states that the average household spends around $3,500 annually on dining out. Think about how much that adds up to in terms of years. In 10 years, you could save $30,000 by eating at home each day. However, if you still want to continue to eat out but just lessen how many times you go out to eat, you could still save yourself $1,000 or $2,000 each year by cooking at home more.

Take a look at other unnecessary expenses, such as getting your nails done or massages. These could all save you money. Instead of paying a dog walker, try to come home on your lunch break to let your dog out.

You don't have to spend every dollar you get. While it's nice to reward yourself every now and then, this is a bad habit to get into when you're doing it consistently.

Determine how much you want to save out of every paycheck or every month. Even if you can only save $50 or $100, this money will quickly add up.

Another way you could budget is by getting a credit card. This sounds counterproductive, but credit cards aren't dangerous to your credit and budget if you use them correctly.

Once you get a credit card, only charge one or two of your bills on it each month. On the other hand, you could buy gas or groceries on your card each month, what you know you can afford. Then, each month, you should pay off the bill fully. You'll build up your credit score and be able to slowly increase the amount of credit you have.

After you establish a decent amount of credit and are keeping payments low, you can use that credit in case of an emergency. You won't feel so stressed when you know you have money to back up on.

Let's say you have credit card debt already, or maybe you have just a small amount left on your student loans. If you have an outstanding debt that you're making small payments on or have multiple creditors, you may want to consider a short-term loan for the entire amount to pay them all off.

You'll be able to get the debt off your back sooner, so you'll be able to bank more down the road. You'll also free up your credit in the event you would need to take out a large loan for your home expenses.

You can also stop the interest of other creditors when you roll your debts into one payment.

While it's easy to put a budget in your head. You know exactly what your bills are and how much you make. It's easy to miscalculate when you factor in groceries and other expenses that vary each month.

Instead of winging it, write your budget down on paper. You'll then know exactly how much you have, how much you spend, and how much you have remaining for other expenses. You'll be much more likely to follow a budget if you see it visually.

It may seem appealing to buy something nice for yourself every time someone gives you money for your birthday or another reason. While it may feel good to spoil yourself, you'll quickly see your money grow quicker when you add any extra money in the bank.

You may be paying way more for your cable bill than you should be. You might have received a discount when you upgraded three years ago. Now, the discount wore off, and you're stuck paying more than you ever were for services you might not even use.

Call your cable company and inquire about their packages. You may save money by rolling into another bundle package for all of your services. Sometimes, you'll save more money and can keep your current services by upgrading and having a phone in addition to your cable and internet.

Keep in mind that bundles claim to save you, but you may save money by switching to another provider for one or all of your services. Make sure you're calculating.

You can save some money by monitoring how much energy you use. Stop running your air conditioner on a such a low setting for prolonged periods of time. Think about using your smart thermostat to help you save energy.

If you're not already shutting off lights and the TV when you leave a room, start.

Take a look at all of your bills, besides energy expenses. Think about ways you can save money on those. Maybe, you run your dishwasher when it's only half full regularly. Maybe, you wash clothing in a similar manner. You could be spending more money than you need.

Look at your garbage bill. Maybe, your garbage makes you pay extra for more bags. You could save money by cutting down on the amount of garbage you put down at the curb. No, this doesn't mean let the garbage pile up in your home. Instead, it means you should consider recycling. Maybe, you live in an area where you can burn. You can choose to burn cardboard and paper products to cut down on how much you put out each week.

Little hints and tips can help you to save more and increase your budget while also making the most of your money. However, these aren't official budgeting methods that people have come up with throughout the years that work.

You may benefit more by researching budgeting methods and implementing one into your life. Keep in mind that your budget may work better with one option than another because of how your bills come out or how much money you currently have in the bank.

It's easy to steer off course on your budget when only one member of the family is doing the budgeting. Both partners should sit down together each month and plan for the budget. That way, you can both be on the same page for the budget.

You may want to consider each having your own account for spending, but joint accounts for savings and checking. The checking should be where you take all the bill money from, so you can keep track of it better.

You two can hold each other accountable whenever the budget isn't adding up.

Months with holidays tend to be the ones where people struggle the most. You, however, should start planning months before the holiday is here to ensure you have money in the bank.

Financial experts have come up with budgeting methods. Each one has its share of benefits but also drawbacks, depending on your particular situation.

To Sum Up,

With these tips, you can have better control of your money. You'll watch your money start to grow. Once you have enough in a general savings account, you could always try to invest and grow your money.