It took me about 6 months to realise that having a budget was so necessary in order to complete the baby steps.
Before I wrote my budget I made sure I knew where my money was going. I got my calendar and I marked the days where all of direct debts, bills, loan repayments were going out. I then proceeded to cancel alot of my subscriptions and only kept what was absolutely necessary.
I thought having a spending tracker was brilliant. It gave me an insight into how I spent my money. I literally wrote down every time I spent money for a week. You can do this for as long as it takes to figure out your spending habits.
10 Things you need for a budget!
- You need to know when and where everything is coming and going. At a glance make sure you have a calendar marked on the days of when your being paid, your direct debts are going out and when your bills are to be paid.
2. Realistically there is no point stretching yourself so thin that your budget suffocates you. YOU WILL HATE BUDGETING AND YOUR BUDGET WILL FAIL YOU! Your budget should become part of your lifestyle, you want it to be second nature to you not a weekly/ monthly pain in your behind.
3. Pay yourself first! My first outgoings are my Mortgage , Food, Transport, Childcare and bills . Some of these are fixed some are variable it doesn’t matter what else you do, these need to be covered nothing else can happen with my budget.
4. Keep it simple! The way I budget is pretty simple I start with my income subtracting my four walls, then my different categories after that from the most important to the least important.
5. Flex! There is no one out there that can say they’ve gotten their budget right the first time around. Be prepared to play around with figures it took me a good 2 months to get my budget to a place where I was happy with it. Things will come up and no two weeks are the same.
6. Please please please put you in the budget. The all important fun envelope is life changing. It doesn’t have to be that much but just know that it is there. Oh and believe me when I say you will become miss picky when it comes to spending your own personal fun money.
7. Listen to your budget. If your walls are as low as they can be and your income simply doesn’t cover them then you need to adapt. Maybe change jobs, start a side hustle, push for a pay increase or even move home the list goes on. Now is the time to make boss moves.
8. Customise your budget to suit yourself. Don’t be trying to compare with what anyone else is doing your budget should be tailored to your needs and circumstances.
9. It doesn’t matter whether your digital or paper honour your budget and the plans your made for your money. It’s all about the follow through.
10. Don’t get too addicted lol. You’ve given your money a plan now it’s time to follow through and move on.
Thanks for this reading this. If you need more answers don’t hesitate to comment.