Budgeting Tips

Hi! After taking a month or so off, I decided to ask what interested people in my IG stories! It seems the big topic was "budgeting tips."

First and foremost, you need to list all your major and minor expenses. This includes things such as housing, transportation, streaming services, insurance, and anything else that is a monthly recurring expense.

I would then create a budget loosely based on those expenses.

Next, I would actually spend a month tracking your expenses. There are apps you can use ( I personally use Rocketmoney) or you can even just open up your Notes App in your phone. You need to do this so that you can be realistic on what you spend on gas, food, eating out, entertainment, household items, etc. This is also where you will find your biggest opportunities. Are you buying clothes every week even though your closet is full? Are you eating out and spending beyond your means? The things you spend on every day will be eye-opening when you have it all written down and are able to reflect at the end of the month.

Once you have a decent look at what your budget can look like here are my remaining tips:

Understand that your budget is not meant to restrict you or make you feel trapped - its literally meant for you to know where your money goes.

Your budget is not set in stone. This is not 4000 years ago. Once you write it can be changed or adjusted as you go.

Continue to track your expenses. When we get lazy with it is when we stop being diligent about what we are doing.

Set a super specific goal about what you are budgeting. If you do not have a reason, whether it's to save, pay off debt, invest, etc., you may get frustrated with it and stop altogether. With a goal in mind, it helps keep the momentum.