I'm excited to be starting a new series on my blog! I've been working on getting my life together and am enthusiastic about sharing some of my favorite pieces of wisdom with all of you! I'll be sharing advice about health, relationships, and finances. For part 1, I have lots of great tidbits about budgeting! Let me know if any of this helps you & if you have any pieces of advice that you would like to share!
- Write out your budget I hate sitting down and taking the time to budget, but it really does help me keep my spending on track. I have an expansion for my planner where I write out my projected budget for different categories (housing, utilities, entertainment, food, services, etc.) and then at the end of the month I compare what I actually spent on each of those things. It's important to include budgeting for social events, as well as, small splurges. Are you going out drinking with friends? Do you really want the the newest Kylie Jenner lip kit? Budget for that! Make sure that you also budget for small impulse buys. It's ridiculous to think that you won't pick up anything unexpected throughout the month. Be prepared for it!
- Stop drinking at 10 pm When you go out for drinks, stop drinking at 10 pm. The longer you drink, the more money you'll spend + you'll just feel really shitty in the morning. The longer you stay and drink, the more likely you are to totally break your budget.
- Use cash for social nights out An easy way to stick to your budget for an evening is to use cash only when you go out. Did you budget $50 for an evening out? Only bring $50 with you. Period.
- Stay focused when online shopping This is my biggest budget buster. I'm guilty of spending hours shopping online and buying things I don't need. Making sure I'm only shopping for what I'm looking for is a big help. If I go online, find the exact item I'm looking for, and then check out - my wallet is a lot happier. Plus, the less I browse the less I get FOMO.
- Don't buy things just because they're on sale Another thing I used to be incredibly guilty of. I can't even tell you how many times I would be at the store and see a pair of $300 J Brand jeans for $75 and had to buy them because...how could I not?! I own over 30 pairs of jeans and I never actually needed another pair. 75% of the time the purchase would just sit in my closet and hardly ever be worn. Unless it's an item that you would want to buy at its regular price, don't purchase it.
- Cancel sneaky payments If you're looking at your bank statement and see something that you meant to cancel - immediately go online or call to cancel. If you haven't logged into Hulu for 6-months, why continue paying for it?
- Put a portion of your paycheck into a vacation fund Everyone needs a vacation every once in awhile just for a break from reality. A vacation is a fun thing to save for and is amazing for your mental health! An easy way to save if you don't feel like you can take a set amount every check to put away is to save your $5 bills. If you break a $20 buying coffee and you end up with a 10, a 5, & a couple 1's...put the 5 aside. It adds up quick, I promise!
- Have a misfit food week Once a month, instead of going grocery shopping, only eat items that you already have. You'll save money but not shopping for things you don't really need and won't be wasting as much food!
- Make sure your health & dental plans fit your needs When picking health & dental plans, make sure you pick the ones that best fit your needs versus just choosing the cheapest option. If you need medication, don't pick a plan where you'll end up paying $100 each time. Check the deductibles, co-pays, and prescription costs. Find out exactly what is covered and how much you'll have to pay if you have to see an out of network doctor or if you end up in the ER. Paying a little more each month may end up saving you in the long-run.
- Focus on long-term satisfaction When debating a purchase, think about your long-term satisfaction versus your short-term satisfaction. Are you going to feel good about the purchase later? Buyer's remorse is never a good feeling.
