Budgeting Basics: Tips to help manage your money

Every single year I make it a new year’s resolution to save money. Every single year all of my money just grows legs and walks away. Honestly, it really does vanish! This year I decided to do something different. That something was creating a monthly budget AND sticking to it. Seems manageable right? Not so much. While budgeting may be easy for some that’s not the case for me. When I’m on a budget I feel like I’m depriving myself of the opportunity to spend freely because, well, I work hard to play hard. While that’s a great motivator it’s not a great way to go about accomplishing financial goals.

Be realistic. If you’re not used to budgeting don’t start off with a hefty goal. Start small and work your way up to the level you’re comfortable with in cutting back. I wanted to pay off my student loans but Nelnet just isn’t going to get that again this year. Doing so would limit my lifestyle to a level I’m not comfortable with. Instead I chose to pay off the remaining balance to my car. I’ve paid $50 more a month towards my principle. Over a year I’ve cut my principle down by $600 which will also save money on interest.

Don’t deprive yourself. While some restraint is necessary, I don’t recommend becoming a couch potato if you’re a social butterfly or stop eating out cold turkey. We all deserve to do the things we want to do from time to time. Depriving ourselves of the things we like can foster an environment for failure. Reward yourself! You paid your bills on time this month? Well go ahead and treat yourself! You have some change left to spend after all the bills are paid? Celebrate with your good girlfriends! While we can start shopping for store brand foods instead of name brands or getting a pedicure every other week, never cut out the things you like because you’ll end up regretting it.

Hustle hard. Some of us can’t save because we don’t make enough money. Get creative! Pick up extra shifts, a second job, start a side hustle; anything that will fill your purse with some dollar bills - GO FOR IT. Budgeting isn’t always enough if you don’t make enough to begin with. Don’t be afraid to ask your boss for a raise. Being financially smart also means being paid adequately for the services you provide your place of employment. And trust me, they got it and they’ll pay for what they want.

Check yourself. I NEED an accountability partner when I’m trying to do something I really don’t want to do. Look at yourself in the mirror to examine what you need to help you accomplish your financial goals. Write your goals down, tell the saints to keep you lifted in prayer, have your friends check in, carry cash, or even leave your debit card at the house from time to time. Remember your goals are for YOU and if you don’t have your back who will? It’s not easy but it’ll be worth it. IT CAN BE DONE but you’ll have to be honest about your strengths and shortcomings when it comes to elevating your finances.

I challenge each and every one of you to create a budget for something, stick to it, and accomplish at least one financial goal.

-Chantelle