Budgeting
You would love to get started on increasing and investing your money! But having a budget plan is important: it gives you insight into your daily financial situation. How much comes in, and how much goes out each month? What do you spend your money on, and do those expenses make you happy or are you better off putting this money aside? Take the time to budget and put smart money systems into action!
Start with these articles
Why budgeting?
World trip? Marriage? Job termination? Buying a new car? Starting your own business? Bye bye to that toxic lover? By setting an inspiring and good goal, you make putting money aside much easier for yourself. In addition, setting goals for your entire financial self-care journey is a good idea. This is because by taking small steps and achieving small goals each time, you will stay motivated. Learning new routines regarding saving and investing takes time, and you will only get there with a lot of patience, determination and by not setting the bar too high at the beginning. How we smash financial goals? Write down what we want to achieve, attach a concrete amount of money to it, visualize what our life is like when we reach this goal, and full dedication every day, week and month!
50/30/20 rule
Once you know what your goal is, it’s a good time to keep track of your expenses and income. Next, you can start budgeting. For example, using the 50/30/20 rule. Here, you allocate 50% of your income for fixed expenses, 30% for monthly expenses to yourself and 20% to your future – in other words, saving or investing. Or if you find that too big a step, you can also try to raise the bar a little higher every month or every six months. For example, consider trying to spend 5% less each month than the month before or trying to set aside 10% more every six months. This way you can gradually balance your expenses and income.
Check out the e-course
At Elfin, we have an e-course around budgeting that will help you take the first steps.
Budgeting
Want some tools to get started with your budget plan? Tips and tricks for building your buffer, having a fuck-it jar and giving your spending a “happiness” rating: you’ll find it in the e-course! Follow it soon.
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