Growing up I never learned how to budget. Most of this was due to us barely having enough for the normal stuff. Rent, bills, and other expenses ate at money like it was nothing. The issue there was not enough funds, which is not the same as having it and misusing it. Understanding how to better manage your money will greatly improve your quality of life and your health. This becomes the difference between living life and just experiencing life. You ever get stuck doing the same thing day in and day out. Same routine. Same people. Same greeting. Never getting away to do something fun and exciting, because most of the time we can’t afford it. We go to work sick because it would mess up our savings and timeline. It’s time for less stress and more fun. Normalize Fun!
Where To Start First
First place to start is to closely monitor where your money goes. Watch your spending for a month to see where you can cut back on costs to save money. You can do this in a number of ways like; spending apps, going through bank statements, or simply tracking yourself ( balancing checkbook 😫). After you’ve understood your spending habits and where you might need some improvement you can go from there. This is important because you need to know your weaknesses in order to discipline yourself.
What To Do Next
What Next? Now, it’s time to make an actual budget. A budget is just you disciplining yourself and making your monthly income work for you…. written down. Start by deducting your monthly expenses from your income. Every month your bills should be paid first or at least put aside for when you need it. The money leftover is what you have to do extra activities with and most importantly to save.
If saving the most money possible is what’s important to you, it’s better to cut back on all activities that can wait. Eating out constantly and reckless spending can affect you in the long-run. Remember we talked about those situations that can pop up unexpectedly and cost a lot of money. I’m sure that $100 purchase could’ve waited, you just had to have it. That’s ok IF you planned for it! <<<<<Set goals for the month of what you wish to have saved>>>>>> If you can make a $100 purchase and still hit your goal, go crazy 🤷🏾♀️.
Budgeting On A Daily Basis.
When it comes to budgeting in general, I give myself an allowance. *Now I am in no way perfect I don’t always spend how I should and I’m working on it* I make sure what I wanted to save is put to the side and use the rest of my money until my next payday. It usually works when I don’t have a lot of extra projects that I’m juggling. Throughout that time you might have to spend money for food, transportation, etc. Try to bring a lunch if possible to cut down on buying daily, which can add up.
Another day down! So y’all really reading this, like forreal. I appreciate it. March is dedicated to finances, I haven’t figured out my April topic yet though. Thanks for reading my thoughts.