How to budget!

As a teller supervisor at a bank, I’ve watched many customers account reached

below negative with no idea on how it got to that state. We live in a

microwavable generation where everyone wants everything now but not looking

ahead to the future. No one wants to budget because they fear that it will limit

their freedom. Well, freedom is about having control and budgeting prepares you

for unseen circumstances. For example, car breaking down, unseen repairs, and

medical expenses. Budgeting doesn’t have to be hard, we all live different

lifestyle, you can create a budget that will fit your needs and lifestyle. Here are

some tips on creating a budget;

* start with the necessities: create a category for food, shelter, and utilities;

once you create these categories, you can take care of the rest as you go

down the line.

* Pay your debt: that should be your top priority. The snowball method is

most effective way to get rid of your debt, it consists of you paying down

the smallest debt and working your way into the larger debt.

* Be consistent: Budgeting for one month and splurging the next month will

create a vicious cycle that will be hard for you to escape from. Create short

term goals that will enable you to stick to your budget and don’t be afraid

to reach out to an accountability partner.

* Use an envelope system: if you’re constantly overspending why not go to

the bank withdraw the amount that you need for that specific category. It

helps you control your spending and that way you won’t be tempted to use

more than you have.

* Understand needs and wants: you might want to purchase the new iPhone,

but you need to pay your credit card bill that is due in a few days.

Recognizing the difference between wants and needs gives you control and

it benefits you in the future.

* Be realistic: your budget is meant to be realistic not a miracle your waiting

to happen. You may have to sacrifice some unhealthy habits, but it

shouldn’t be so painful where it’s causing you unnecessary stress. Take

time out and see what will work for you and stick to it.

Throughout your budgeting don’t forget to give yourself some grace. Like

everything that is new, it takes time for it to feel normal. Some people, it takes

them up to three months and some even longer. Cut yourself some slack and

focus on the prize, you got this.