Budgeting Series Recap
Hello, beautiful people from across the lands. Today is the 3rd and final day of the Budgeting series. Day 1 we covered the importance of knowing your numbers and tracking your spending habits. Knowing your numbers allows you to see what’s coming in and apply it to what’s going out. the importance of analyzing your spending habits to see where improvement is needed on managing money.
Day 2 we discussed the concept of a zero-based budget. With the zero-based budget, every dollar has an assignment and not given the option to roam aimlessly. We also introduce using cash envelopes that help with assigning those dollars. The cash envelopes cover the non-bill monthly expenses like grocery shopping, gas, side cash, and others. The importance is once the money is gone there is no additional spending until the next budget when more income comes in.
Lets Talk
Lastly, I want to talk about the importance of talking with family and friends about your budgeting lifestyle. Being a mom of two I sat my children down to have a conversation about a few changes that are happening. I shared on their level of understanding making it known that mommy owes a lot of money and have to become more disciplined with how we spend money. It’s important to have these conversations to create support and understanding.
Friends may understand and be thoughtful on ways to stay connected that doesn’t involve you spending outside of your budget. Now everyone may not be on board or even respect the decision you made but it is important to have those conversations. If you’re in an intimate relationship or marriage it’s crucial. Money is one of the top reasons for divorce. We have to start having these conversations and being both transparent and proactive about our personal finances.
I am enjoying the supporting and hope the information I share is helpful. These are small practical steps I have begun to implement and looking forward to the continued growth personally and financially. Until next time dream, believe and achieve.
