If someone asked me, "what's the worst part of being an adult?" I would have to say dealing with my finances. Gone are the days of refund checks and calling mom to order pizza when you don't have any food in the fridge. This is real life adulthood and I am still not completely sure how to manage it. But like most adult things, it doesn't care if you are ready. You just have to do it.
Itemize Your Bills | The first step to budgeting your money is actually knowing what you are paying for. Write out each bill for the month, the amount, and the due date/day it hits your account. Reevaluate your expenses, see if you can cut some things out. Be sure to check your bank account and credit cards for those auto-renew payments and make note of them. I would always know the charges that would come through my bank account but forget about my credit card so I would max out my card and not even realize it. It is all about making sure that every dollar has a purpose and not being wasted on unnecessary things. BONUS: Make note of your monthly bank fees, too. Remember to add them into your budget.
Estimate Monthly Income | For those of you that have a set pay check, this is a little bit of an easier process for you. But if you are like me, I get paid based on the hours I worked within a specific time period so no two paychecks are exactly the same. Set a base pay for each month and from there you can see how your bills will pan out which will make saving so much easier! It is always better to round up on your bills then down and round down on your paycheck.
Save for a Rainy Day | Saving is so important! There are so many ways to save and crafty challenges but one thing that I've learned is do what works for you. If you are struggling to say afloat, you wont be able to save 50 percent of your check like some do. Warren Buffett (richest man ever! and Blue Ivy's godfather) once said "do not save what is left after spending, but spend what is left after saving." I think that following that guide line is the start to a great savings plan within our means! I will discuss this more at the end of the month!
Spending | It is so tempting to swipe that card without a second thought but those are the times that spending can get us into trouble. This goes back to making sure that every dollar has a job, no room for mindless spending. But make sure that you give yourselftimes to splurge...I call it a planned splurge.
Set a Goal | I am pretty sure that you are tired of me talking about goal setting but it is the root of all success! (trust me!) Now that you have a clear picture of your monthly finances, you can set realistic goals for saving and spending!!! Write it down on sticky notes, in your planner, or your wallet!!!! As a really awesome blogger once said, "spend your money on things that set your soul on fire!" So if it doesn't excite you, leave it!
This was probably one of my hardest post to write because I know the right way to budget but I don't listen to my own advice. This week lets make it our mission to take one step toward financial secruity. Tell me your plans and how its going by commenting below or on Twitter @anajanetheblog!