How to budget!
As a teller supervisor at a bank, I’ve watched many customers account reached
below negative with no idea on how it got to that state. We live in a
microwavable generation where everyone wants everything now but not looking
ahead to the future. No one wants to budget because they fear that it will limit
their freedom. Well, freedom is about having control and budgeting prepares you
for unseen circumstances. For example, car breaking down, unseen repairs, and
medical expenses. Budgeting doesn’t have to be hard, we all live different
lifestyle, you can create a budget that will fit your needs and lifestyle. Here are
some tips on creating a budget;
* start with the necessities: create a category for food, shelter, and utilities;
once you create these categories, you can take care of the rest as you go
down the line.
* Pay your debt: that should be your top priority. The snowball method is
most effective way to get rid of your debt, it consists of you paying down
the smallest debt and working your way into the larger debt.
* Be consistent: Budgeting for one month and splurging the next month will
create a vicious cycle that will be hard for you to escape from. Create short
term goals that will enable you to stick to your budget and don’t be afraid
to reach out to an accountability partner.
* Use an envelope system: if you’re constantly overspending why not go to
the bank withdraw the amount that you need for that specific category. It
helps you control your spending and that way you won’t be tempted to use
more than you have.
* Understand needs and wants: you might want to purchase the new iPhone,
but you need to pay your credit card bill that is due in a few days.
Recognizing the difference between wants and needs gives you control and
it benefits you in the future.
* Be realistic: your budget is meant to be realistic not a miracle your waiting
to happen. You may have to sacrifice some unhealthy habits, but it
shouldn’t be so painful where it’s causing you unnecessary stress. Take
time out and see what will work for you and stick to it.
Throughout your budgeting don’t forget to give yourself some grace. Like
everything that is new, it takes time for it to feel normal. Some people, it takes
them up to three months and some even longer. Cut yourself some slack and
focus on the prize, you got this.
