MAGAZINE

Got stories to share? Become a contributor… click here

Budgeting for Beginners
Living

Budgeting for Beginners

So making a budget seems pretty straight forward, right? You write down your income, subtract your needs, and bam! Budget!

I see people budget this way, then fail to stick to it all the time. 

They make the mistake of setting some categories as too restrictive. And it stems from the problem of having the wrong idea of what they need to feel satisfied and not deprived. 


How can you set a budget that helps you curate financial strength and is enough to be sustainable for the long term? 


Before You Make a Budget

So, here’s is the secret to making the best budget for you: track your spending for the period you will be budgeting. Know where every penny goes. 

I know it sounds intimidating, but you don’t have to start off keeping meticulous records. If you spend on a card for the majority of your purchases, you can use one of several apps to analyze your spending or you can keep all your receipts and organize them at the end of your time. 


Analyzing Your Spending

So let’s imagine, you need to budget for two weeks at a time. You should examine your spending for the previous two weeks. 

Make a category for the grocery store, fast food, rent/mortgage, utilities, gas, credit cards, student loans, car note, etc. Put every purchase into a category. Then add up all the purchases under that category to get an idea of what you spent for the last two weeks.

Some of your categories will have the same cost every month. These are called fixed expenses. Fixed expenses are like your mortgage payment because they are the exact same every month. Categories like food and utilities, that fluctuate are called variable expenses. This is where the problems occur for most people. Variable expenses are the ones that you need to consider intimately. You can change variable expenses. 

I have analyzed our spending at times and humiliated myself because of wasteful spending habits like relying too much on fast food. But once you have an idea of what you were doing, you can fashion a better plan for the next weeks. 


How to Change Your Spending Habits Sustainably

So you analyzed your spending and see that you need to make several changes. Been there. I know it’s discouraging and can make you feel like you are suffocating. But don’t try to change too much all at once! Feeling deprived is going to make it harder to make the lifestyle changes you need to make financial fortitude a habit. 

So pick one area and slowly bring spending under control. Quitting or reducing fast food and your grocery budget are great places to start! And even then, ease yourself into drastic changes over some time.



Are you interested in hearing more about how to reduce your food budget? Let me know below!

View more, it's free.

DOWNLOAD THE APP TODAY!

Share this
story

  • images not found
  • images not found
  • images not found
Ali S

I am driven to learn so I turned it into a lifestyle. It's living for the next AHA! It's living immersed in your life, not just being along for the ride. Now, I am teaching my kids learning is life and demonstrating it first hand in my entrepreneurial adventure. Follow me as I expand my mind, my skills, and my pockets (hopefully).

www.homeschoolmoneymom.com
  • images not found
  • images not found
Got stories to share?

Become a contributor… click here

Other mom stories you might like

Transform After-School Downtime Into Dynamic Learning Adventures

After a bustling day at school, your child's energy and curiosity often remain untapped. Instead of settling for routine playtime or digital screens, why not transform those precious after-school hours...

read more

Safe Sleep Practices Every Parent Needs to Know

Every year, there are preventable infant deaths that occur due to accidental suffocation and strangulation. Along with those numbers, some infants may pass due to Sudden Infant Death Syndrome (SIDS),...

read more

How our health habits affect our kids and how to get them involved

As moms, we always worry about the health of our children. Are they eating right? Are they exercising? Are they forming healthy habits around food and fitness? Our frequent worry...

read more