Maybe I am just a total nerd but I honestly get really excited when I start planning out our monthly budget! The idea of not having a looming debt over our head is completely freeing!
This state of mind has not always been with me. I got married pretty young… Like when I was 20! So… that’s young. Talk about being thrown into the financial independence fire! I literally went from relying on my parents for 98% of all of my income and paying for all my expenses, to 0% in a matter of days. Luckily I married a really awesome man who knew a lot more on the subject then I did! But it would be a complete lie if I told you that it wasn’t hard to learn how to budget.
Learning to live on a budget can be quiet the transition. No matter how old you are. It is going to be hard at first. There really isn’t any way around this. (If you know of a way, let me know!) But with a little hard work and dedication you can learn to be happy!
How to Budget and Be Happy!
Don’t let your finances determine your attitude
Focus on the things you do have and not the things you wish you had. Stop looking at your neighbors grass. Do you know what I am talking about? You know, the whole “the grass is greener” thing.
You can choose to be happy!
Don’t allow you or your family’s happiness be dependent on your material possessions. Be creative. Look for things that your family enjoys doing that don’t cost money. Go outside! No matter where you live, I am sure there is something fun to do out there that won’t cost you a penny!
Resist that amazing sale
This is not the time to impulse shop. You are trying to save your money to improve your long-term financial standing. Remember? There even might be an amazing deal and the price is almost too good to pass up. If you don’t have room in your budget then you can’t afford it! End of story! No matter how great the deal is.
Stop feeling entitled
There is a serious problem in our culture where we feel we are entitled to something just because we are alive or because we are a certain age. This kind of thinking is toxic!
No one is entitled to anything
You need to work hard for what you want and even then, if you still can’t afford it, then you don’t buy it. Plain and simple. It might not seem fair, it might not actually be fair. But that is the way it is. Hey, I’m just trying to give it to you straight! If you want to live without your finances hanging over your head on a daily bases, then you need to take this advice to heart!
Post a motivational quote
Repetition and determination is key! Posting a cute quote somewhere it will consistently be seen will help keep your motivation high to keep on budget. It might even be a good idea to keep a small copy in your wallet. The most likely occurrence of where the temptation to spend is high.
Find ways to live frugal and fabulous
Of coarse I am going to talk about this! Just because you are going to be living on a budget for a little while doesn’t mean you have to live in a paper box! You just need to be patient. Do not spend more than you have! Always have your creative eyes open for something that can be transformed into something else you need.
Make a little room in your budget for the “extras” if you can but keep control and don’t go over. Keep your eyes open for amazing deals, be patient, and be dedicated to living within your means, you can still have a fabulous life, all while pinching pennies. You can do it! (Not to mention, singing up for my newsletter will help you stay frugal fabulous!)
What do you think?
Are you a pro or someone just learning how to budget? Let me know in the comments below. I am always learning new tips and would love to learn from you or if you have any questions please let me know!
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About Brittany Cooper
My name is Brittany and I am devoted to saving our family money in everything we do. Yes I do coupon but that is not the only frugal thing I do. I'm a bargain hunter, tester of all things DIY, trip planner, our family’s chef, and lover of all things chic. I may be obsessed with being frugal but I still love to add bits of beauty to our home. Decorating on pennies works, it just takes a little patience. I am a firm believer that with a bit of planning you can save your family a lot of money.
FAQs
Go ahead and share your budget estimate, even if it's a broad range. Cite a high- and low-end, or give a more specific figure if you're comfortable doing so. If your budget depends on a variety of factors, be open about that. What considerations will impact how much you can spend?
How to answer interview questions about budgeting? ›
How to Answer It. Discuss your process for creating a budget, including how you forecast costs, allocate funds, and monitor spending. Emphasize your analytical skills and how you ensure financial efficiency and accountability.
How to make a budget work Ramsey answers? ›
How to Make a Budget in 5 Steps
- Step 1: List Your Income. ...
- Step 2: List Your Expenses. ...
- Step 3: Subtract Expenses From Income. ...
- Step 4: Track Your Transactions (All Month Long) ...
- Step 5: Make a New Budget Before the Month Begins.
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.
What is a budget simple answer? ›
A budget is a plan you write down to decide how you will spend your money each month. A budget helps you make sure you will have enough money every month. Without a budget, you might run out of money before your next paycheck. A budget shows you: how much money you make.
What is a good way to budget? ›
In the 50/20/30 budget, 50% of your net income should go to your needs, 20% should go to savings, and 30% should go to your wants. If you've read the Essentials of Budgeting, you're already familiar with the idea of wants and needs. This budget recommends a specific balance for your spending on wants and needs.
What are the 3 most important parts of budgeting? ›
Planning, controlling, and evaluating performance are the three primary goals of budgeting. Planning: Budgeting is a planning tool that enables businesses to establish quantifiable financial targets for the future. They are able to prioritize tasks and allocate resources more wisely as a result.
What are 5 keys steps to better budgeting? ›
The Keys To Budgeting and Forecasting Successfully
- Make Sure The Budget Is Realistic. ...
- Perform Scenario Planning. ...
- Start With Clean Data. ...
- Create Short-Term and Long-Term Plans Using Tools, Budgets, and Forecasts. ...
- Regularly Monitor the Budget and Update Forecasts.
Four steps to better budgeting
- Get organized.
- Establish a budget.
- Take control of your debt. Start by calculating your debt-to-income ratio, which can help you manage your current financial obligations and also plan for the future.
Key Takeaways
The 50/30/20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should be split between savings and debt repayment (20%) and everything else that you might want (30%).
1. The zero-based budget. The concept of a zero-based budgeting method is simple: Income minus expenses equals zero. This budgeting method is best for people who have a set income each month or can reasonably estimate their monthly income.
Can you live on $1000 a month after bills? ›
Getting by on $1,000 a month may not be easy, especially when inflation seems to make everything more expensive. But it is possible to live well even on a small amount of money. Surviving on $1,000 a month requires careful budgeting, prioritizing essential expenses, and finding ways to save money.
How to budget $4000 a month? ›
How To Budget Using the 50/30/20 Rule
- 50% for mandatory expenses = $2,000 (0.50 X 4,000 = $2,000)
- 30% for wants and discretionary spending = $1,200 (0.30 X 4,000 = $1,200)
- 20% for savings and debt repayment = $800 (0.20 X 4,000 = $800)
Expert Ways To Handle The “I Have No Budget” Objection
- Recognize the objection's validity. Simply saying “I understand” can be a great way to neutralize the objection. ...
- Talk about pricing early. ...
- Use strict criteria to qualify leads. ...
- Highlight the value, not the cost. ...
- Drill down on the problem's financial cost.
The best way to answer project budgeting questions is by providing concrete examples that illustrate your budgeting expertise. Start by explaining the specific budgeting process you've employed in past projects, detailing how you estimated costs, allocated resources, and managed expenses.
What to say when a dealer asks your budget? ›
Counter the monthly payment conversation: Your dealer may ask what you're hoping to pay for your car each month. Instead, tell your salesperson that you'd prefer discussing the car's out-the-door price and fair market value. If need be, you can always discuss refinancing your car loan down the road.
What to say when a realtor asks for your budget? ›
If you're not ready to give it, tell them before they ask. Don't leave them guessing. However, I don't recommend waiting till you say, “Yes, we have deal” to reveal your budget. Instead, leverage the information to understand what options are available and to help validate your budget requirements.
