A Budget Will Keep You Successful

Disclaimer: This is based on my experience and what works for me. I am happy to share resources and my tips, but it's up to you to make your budget work.

It is never too late to start making smarter financial decisions.

I was always told “don’t spend more than you make”, but I never really paid attention to where my money was going. I started to wonder, "where did all that money go?" It was around my junior year in college that I decided to get serious about keeping track of my money. I started researching different tips and came across Dave Ramsey. I started listening to his podcasts and I read his book, The Total Money Makeover. I recommend this book to everyone that asks me about my budgeting style and goals. Both his book and podcast fired me up to be the best I could be when it came to handling money.

Now there were things he said that I agree with and others that I did my own way, what is best for our family. This book suggestion isn't recommending to do everything exactly how he says to do it, it is to help you get an idea and use it as a tool to create the best plan for your family and budget.

There are different ways that you can organize your budget. A budget keeps you and your money on track. I started with an excel sheet and then started using the Every Dollar App (it’s free). You can also access the Every Dollar account on the website. My mother-in-law loves the budget mom and uses her budget tracker. I suggest you do your research and see what would work best for you. Some people like to physically write it out to keep track, others like excel sheets, and there are some that like to use a budget app for tracking (me 🙋🏼‍♀️).

It is very important to stay organized and keep track of everything. Below I have added how to start:

• Set goals for your budget

• Add what your income is for each month (any money that you bring in)

• Add your must-pay bills (rent, mortgage, electricity, water, gas, insurance, etc)

• Plan for your groceries

• Any debt (student loans, credit cards, etc) -we will get deeper into loans next post

• Add your savings goal (you should at least be saving 20% of your income, but for now, save whatever you can)

• Add whatever you have leftover to items you are buying for the month

In order to be successful in your budget tracking include EVERY transaction, big or small, cash or card. All of your money needs to be assigned to a category.

Main Takeaways:

• Do NOT spend more than you make (Keeping Up with Joneses will only lead you down a road full of debt!)

• Pay for the necessities first

• Debt and savings are next in line for payment

• Track every transaction

Items mentioned:

Instagram follows: @thebudgetmom and @daveramsey

Book: The Total Money Makeover

Podcast: The Ramsey Show

Next up, we will talk debt and savings. Please reach out with any questions.

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