Do you want to learn how to budget or want to start budgeting? Then this post is for you. To start off my Budgeting Series on the blog, I’m bringing you the tips that will help you to start off your budget. This isn’t going to be an in depth post as I am starting my Budgeting and Personal Finance Classes in the New Year. More information on this at the bottom of the post! Here are Beginner Budgeting Tips for everyone and anyone who wants to start a budget.
A Month Before
If you are planning on starting a budget, you need to budget in advance. For you to stay on top of your budget; you need to budget a month in advance. Once you know what the plan is for the next month, set a realistic budget for that month. Every month is going to have different events, appointments and a lot more.
Budget To Zero
This means that you are tracking every dollar or euro you earn and giving it a spot in your budget until you have no money left over. As an example, you earn $2,500 a month. After budgeting all of your fixed expenses and any other extra’s, you shouldn’t have any money to spare. This can show you where your money is going and you will be giving every dollar you earn a purpose.
Needs vs Wants
You need to establish the difference between Needs and Wants in your household. Needs are things that you need to live and are crucial for your own well being (Food, Rent and Debt Repayment). Needs should be always in your budget. Wants everything else that you don’t need to live are put into this category. You need to factor these things in too.
Prioritize Debt Repayment
People start budgets to save for a holiday or a car. In reality, anything other than debt repayment should be put on the back burner. Prioritizing Debt Repayment will save you money on interest and late fees, in the long run. You need to make sure you at least make the minimum payments because if you don’t, your credit score will be affected on the 30th day.
A Daily Dose of Bee Budgeting & Personal Finance Course
I am excited to be announcing that I will be launching my Budgeting & Personal Finance Course at the beginning of 2023! I’ve been working on this so hard for the past month and I’m excited to have you all get into better financial times!
I will be covering Budgeting: Why We Budget, Budgeting Methods, How To Do A Monthly Budget, How To Get out of Debt and a lot more. In Personal Finance includes: Retirement, Investing, Credit Ratings and a lot more. I am also leaving spots open so we can create a budget that suits you and your household. You can sign up to my Newsletter for offers, deals and a lot more.
Love, Bee xxx