Has Christmas kicked your butt? New Years is just around the corner! Why not add budgeting to your endless list of resolutions? Except this time it will be way easier to keep this goal with these 5 tips for easy budgeting!
1. Write it Out
Writing out your expenses will help you visualize all of the money comes in and goes out. Start by writing down the amount of money you (and your significant other) bring in every month. Then write down each of your expenses and their amounts (ie. Rent $800, Car Payment $200, Car Insurance $99, etc.). Don’t forget to even include things like credit card debt, gas money, and groceries.
2. Cash ONLY
Cash only! Sound simple doesn’t it? Paying with card makes it easier to lackadaisically spend. Why? Because your money leaves you with one little swipe. When you pay with cash you are forced to count out the amount you’re giving away AND you have to physically see it leave your hand. This small habit will help you conserve money. Obviously you have online bills (it is nearly 2017 after all) BUT if it can be paid in cash pay it in cash ONLY.
What do you want out of your finances? To be debt free? Travel more? Buy those new shoes? A lot of times we spend more money than we even realize. Myself for example. I have a Coke addiction. No, no, no not like the white powdery stuff. Like good ole Coca-Cola. Then I realized I was spending heinous amounts of money every week. I decided to calculate just how much I was actually spending. Take a look at the picture below.
I see that every day to remind me how much a buck here or there really amounts to. Perhaps you eat out too often, or you buy little trinkets. The important part is to become aware of where your money is going.
4. Leave Yourself Notes
Who doesn’t love a good love note? The only difference is you’re giving it to yourself! I wrote down what I like to call my “Why Factor”. This is something I learned from my husband/Simon Sinek’s Start with Why: How Great Leaders Inspire Everyone to Take Action. I decided to write down all the reasons I want to save money. Another type of note you can leave yourself is in your wallet. I made a note to myself that sits in my wallet in front of my wallet so it’s the first thing I see. It says “Is it worth it? Is it necessary? Will it last?”. This has stopped me many times from spending unnecessary money.
Organizing your money is easy and helpful. It’s also very satisfying to see the money go where it is intended to go. There’s just something about it that makes you feel accomplished. I took a 13-Pockets Coupon Organizer, replaced the labels, and then added my funds to it. This is an easy way to quickly see how much money you have/need. It also deters you from taking money since you have to watch your little bundle deplete in front of your very eyes. Take a look at my example below.
Is financial health a part of your New Year’s Resolution? What are some ways you keep your budget now? Don’t forget to “like” and let me know down in the comments!