Having a budget might sound like basic skills or even cliche, but trust me, it’s not easy adulting. Yes, I said adulting….. Trust me .. a budget can make a hell of a difference. If you are like me you make a list for everything. So why should your finances be any different. Every trip, back to school shopping, Christmas… etc. Now a list is great but lets be honest sticking to it for more than a week or pay period is the real challenge. Budget is a lifestyle change just like losing weight. Don’t put it on your to do list, make it your way of life. How many times have you bought a gadget or some clothes that you barely ever used and you ended up giving it away. This is money wasted that could go towards debt repayment or help meet savings goals. Now if you’re debt free and have a hefty emergency fund while living your life like your golden then more props to you. Maybe use it to save for an upcoming trip or gift you really need and investing is always a great option.
For the rest of us trying to get our life right with money we have work to do. Yes, me included. Still reading?
Monthly bills and overhead are the first priority and yes, before you ask, we will need a list. We also have monthly obligations that may not necessarily be considered a bill.
What costs are associated with maintaining your lifestyle? Out of those
decipher wants from needs. I personally don’t bundle my utilities
I like to separate them in my budget as they fluctuate throughout the year.
Check out my Pinterest board for printable budget worksheets.
Identify luxuries such as beauty, hair, entertainment. I personally began doing my daughter and I hair myself to help cut cost.
For the record YouTube is Bae and has help me learn to
so much. After doing them for a while,
I realize it gives me time to reflect.
Finally identify your take home pay and declare your difference. The difference between your take home pay and monthly bills I like to call my W.I.G. money. Which means where did it go?
THIS IS YOUR CUSHION MONEY!!!!
You know what money I’m talking about. The money that’s in your bank account and then disappears into thin air. The money that you blink and then have to review your charges and add them up to make sure of no bank error. Yassss…… that money!! This money sets the tone for how much you have the ability to save every month. Stop swiping like it’s no tomorrow and lets do this.
Having issues sticking to your budget. Set alarms in your phone reminding you of your budget for the week. Consistently review your expenses. Try the envelope method. Put it on your mirror in your bedroom. There is no one solution. Experiment to determine what works for you, remember this is a lifestyle so find something you can stick with.
If you don’t have enough after bills maybe consider a temporary second job. In my opinion you work a second job to reach a financial goal not to just make ends meet. This second job can help boost your emergency fund and pay off debt. There are some great ideas on my Side hustle board
. Trading your time and energy should be beneficial to you and help reach a long term or short term goal.
Now that you getting your life right with dollars make sure you pass some of that knowledge to your children. Break the cycle, even at a young age it is a good idea to introduce children to money matters. Let them get comfortable with budgets and savings plan. We all went through the phase of letting money burn a hole in our pocket. Let’s help children transition into saving and investing. If you need ideas check my Pinterest board called Teaching Children About Finance.
Share some tips on how you stick to your budget …………..