Budgeting
You’re excited to start growing and investing your money! To do that, having a budget plan is essential—it provides a clear picture of your day-to-day financial situation. How much money comes in, and how much goes out each month? What are you spending your money on, and do those expenses genuinely bring you joy, or would you be better off saving that money? Take the time to create a budget and implement smart financial systems!
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Why budgeting?
World trip? Marriage? Quitting your job? Buying a new car? Starting your own business? Saying goodbye to that toxic lover? Setting an inspiring and meaningful goal makes it much easier to put money aside. Additionally, setting goals for your entire financial self-care journey is a smart move. By taking small steps and reaching small goals along the way, you’ll stay motivated. Learning new habits around saving and investing takes time, and you’ll get there with patience, determination, and by not setting the bar too high at the start.
How do we smash financial goals? We write down what we want to achieve, attach a concrete amount of money to it, visualize what our life will be like when we reach it, and commit fully every day, week, and month!
50/30/20 rule
Once you’ve set your financial goal, it’s time to start tracking your income and expenses. From there, you can create a budget, perhaps using the 50/30/20 rule. This rule allocates 50% of your income to fixed expenses, 30% to personal spending, and 20% towards your future—either saving or investing. If that feels like a big leap, you can start small and gradually increase your targets. For instance, aim to spend 5% less each month than the month before, or try saving 10% more every six months. This approach allows you to gradually bring your income and expenses into better balance.
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