Budgeting is for the Weak…NOT! – Budget 101

Budgeting is for the Weak…NOT! – Budget 101

Numbers have never been my forte.

I would do some grocery shopping, then go home to my husband (who’s more on the frugal side) who would ask me: how much did you pay for this? And I would blankly stare at him, because I had already forgotten the price at which I bought the item!

finance money budgetOr it would be the CC struggle: the credit card struggle. One day there’s 50$ in it… the next day, it’s up to 350$ and I have nothing to show for it.

When my CC tab was too high, I would feel guilty and work an OT shift, thinking I would pay the CC with the extra money I would make.

But you know very well I wasn’t using it for that.

It was like a vicious circle.

So many times ‘d heard of budgeting, but I thought I didn’t need that, that budgeting was for people who obviously couldn’t count right. Little did I know. Heck, I had to learn 1+1 all over again! But I didn’t have to read the budgeting dummies book. Nope, a couple of research on the net, some practice, some willingness too, and voila! 

Budgeting is the perfect tool to track your money. For example, It’s not until I started to look at my bank account that I realized I was spending more than 20% of my paycheck on RESTAURANTS!! Not all categorized food, RESTAURANTS ONLY!finance money budget

Budgeting also gives you control over how much is in your hand, how much has to go, and what’s there to keep.

It allows you to save for meaningful stuff! Remember that Europe cruise you’ve always dreamed of? With the proper money allocation, it could be closer than you think, or even better, you might be able to pay for it in full BEFORE actually going! WHAT?!

There are numerous tools available on the internet, apps and PDFs files you can download and print in order to have all your categories, like these free budget planner online. These are great tools, but they’re not necessary. All you need is a piece of paper and a pen… if you’re old school. You can also do that on your phone.

I know you may be thinking: easier said than done right?

But it’s part of a small change you have to do in order to get control over your finances. This is step one. Soon enough you’ll have extra $$$ in your bank account, even with the new paycheck coming around the corner. And trust me, it’s a nice feeling. You’ll be able to think about your next moves: paying your debts, building an emergency fund, start saving, investing etc!

So what do you think about budgeting?
You want to give it a try?? Click here for some tips!

RN Didi

 

2 thoughts on “Budgeting is for the Weak…NOT! – Budget 101

  1. Budgeting is not an easy task. Most especially that there are plenty of temptations of spending everywhere. Actually, I try to budget my money every time I receive my paycheck. But most of the time I often find it hard to budget my money for expenses and also savings. Do you know any suggestions on how can I make my budgeting better?

    1. Hi John Rico,

      First off, thanks for stopping by!

      I want to praise you for doing the first and most important step, that is to try to budget. It’s not an easy thing to do. But the key is to have a realistic budget, so that you won’t feel constrained by it. Of course, the goal of budgeting is to set boundaries, but you know yourself. So if you put nice and perfect numbers on a piece of paper, but deep down you know they are unrealistic, it won’t work.

      Second advice: treat yourself first. I know: usually, we tend to pay all of our bills first, then we decide what to save with what’s left of our money. But I don’t think it’s that great of a strategy. Treating you first means that, once you’re saving for a specific goal, as soon as the money comes into your account, you put a portion of it into your savings account. You’ll feel good about it, when you see your nest grow, and you’ll want to stick to your budget.

      But this can be a hard thing to do, that’s why I recommend using a pre-authorized, automatic savings approach: Basically, you decide on an amount of money you want to save on a monthly or bi-weekly (or whenever) basis. Your $$ is taken out, without you even worrying about it, and transferred to your desired savings account. As they say, out of sight, out of mind! Before you know it, you’ll have a stash of money pilling up. I’m sure you can set it up online, but you can also call your bank adviser.

      Once that’s done, you can now focus on paying your expenses. If you have debt, prioritize it. You can even do a pre-authorized payment plan too.

      If you end up with very little money at the end of both saving and debt repaying, or not enough to pay your monthly bills, then something’s up. Either you have to cut on your expenses, or find a way to make extra money. Or you can always review the amounts that go towards saving and debt repayment…

      I also have an article on HOW-TO budget. Feel free to check it out here

      Take Care

      RN Didi

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