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Why Do You Budget?
Budgeting Tips and Tricks
Just learning how to budget?
Follow these steps - and use our free templates - to get started!
1. Start Tracking Your Spending
If you're just starting to track, you'll need to go back and track the past month or 2. This will really help you understand your spending habits, and how much you think you can budget for moving forward.
2. Create Spending Categories
Break out your spending into categories, like groceries, bills, gas, eating out, personal spending, pets, etc. Having categories will help you get a better view on your spending, and how much you need to allot to each area.
3. Set a Realistic Budget Amount for each Category.
Now you can move forward with determining how much money you will put towards each category. This is where you'll want to really look at your spending and determine what is a realistic amount you think you can spend in a month. Remember, setting a budget is about gaining control of your spending, but not depriving yourself of spending. Don't set yourself up for failure by think you'll be extremely frugal, but also try to cut back where you can.
4. Review and Update Your Budget Each Month
After you've completed your first month following a budget, make sure to go back and review your budget. See what categories you overspent in, and what categories you under spent in. Take a look at your transactions that caused any overspending and see where you can improve moving forward. At this point, if you need to adjust the amounts you gave yourself in certain categories, then go ahead and do so now.
5. Set Realistic Goals
Its a good idea to set some goals for yourself each month in regards to your budget. This is where you'll want to challenge yourself to spend less in certain categories for the month, or set a specific savings goal. Don't forget that you're human, so if you don't hit your goals its okay. Just try again next month until it sticks. You've got this!
Meet Allissa
My name is Allissa and I'm passionate about helping you learn how to build wealth.
I started budgeting after I was tired of living paycheck to paycheck. I found that budgeting not only helped me to gain control of my spending, but it got me out of the paycheck to paycheck cycle and it built a financial confidence in me that I never thought I'd have. Because of this confidence, I found a passion for wanting to help others get their finances on track too.
I feel like so many people just don't talk about their finances, which leads to us either feeling like we are behind in life, or like we have more debt than everyone else. But the more we talk, the more we realize that we are sometimes in similar situations as each other. So, I'm putting my finances on the internet in hopes that it will inspire you to focus on your finances.
It's easy to want to keep up with the Jones's when all of our friends and social media appear to be doing so great in life. But we have to remember that we are sometimes at different points in our lives. A person who constantly goes on vacation could either have found financial freedom through hard work, or they have credit card debt, and unfortunately you may never know which one is the case. My goal through this community is to convince you not to be the friend that goes on vacations via credit card debt, and instead do it because you put in the work to be financially free, and then make sure you tell others about it so they get inspired by your journey.
Transparency will help us to stop trying to keep up with the Jones's. Because the Jones's might actually be broke too.