10.20.2013 Budgets. Budgets. Budgets.

Obviously in expanding your closet, turning your house into a home, or even grocery shopping, having the funds to make it happen is KEY. So... my mantra as of late has been, yep you guessed it: BUDGETING. It’s never too late to learn how to budget yourself. And unfortunately, I didn’t learn this lesson the easy way. Being in charge of my tuition, books, rent, groceries, car payment, insurance, etc., creating a budget became ESSENTIAL to my everyday life. The best way to accomplish this what may seem daunting task?… a typed out budget!
To some, this may seem like a basic revelation, but if you’re more like me and don’t really think about it too often, it became a necessity. Obviously, it’s important to keep track of your spending. What did I do to crack down on my spending habits? I took a week and did everything “normally” including coffee runs, lunch on weekdays while at work, and study snacks on campus. I collected all my receipts at the end of the week and categorized where my money was going and just how much I had spent. No more could I make needless purchases on impulsive buys! I had to put a stop to it.
Setting up a spreadsheet with the help of a trusted PIC (parter in crime), I was able to set up a budget to the end of the year to help me pay of unnecessary items that stacked up and budget for holiday travel, while at the same time, created a budget to help me not only survive 2014, but thrive and put money away for both school and personal savings. That’s H-U-G-E! Thanks to my PIC, I’m feeling better than ever about where I stand. Although a budget is hard to stick to, once you get used to it and actively think about it, it’s not so bad. As you work to increase your personal wealth, don’t lose sight of what you want and don’t be afraid to go and get it!
So here’s what I recommend:
  • Keep track of  your spending habits!
  • Use an Excel template to set up a personal budget based on your income and your expenses.
  • Find a PIC that can support and motivate you! A trusted bestie is always better than going it alone.
  • STICK TO IT! You have to hold yourself accountable. Whether you have to collect receipts, give someone your credit card, etc. do what you have to to make sure that you’re being true to yourself and your pockets.