Good Morning. Happy Tuesday.
All month long is self care month for me. Taking care of yourself is essential. Follow my Instagram be_inspired_by_ebony for daily posts. I may not post up here everyday but I’m always on IG with quotes and life skills.
Continuing on with self care month. I’m working on creating a budget and spending within my means. I have noticed that my spending is getting way out of control. I used the Mint App to really help me understand my spending. For this month I have sat down and planned all my bills in my planner. With the holiday season upon I us I want to be extra careful of my spending now to make sure I get gifts for my familia.
My top points on budgeting is as follows:
1.Arrange all your bills for the month. If you have a planner. (I also right my payday down as well.It’s helpful for me.) Ex:
2.One thing that helps me is when I get paid I try to write down everything that needs to get paid so I know how much I have left to spend on things I need. I also have a savings account set up where it automatically takes out funds as well. Right now it’s $20 every week (judge free zone guys cuz it is way better than what I was putting before, which was nothing.) Ex:
3. Next thing I try to do is watch what I’m spending my money on. I have to ask myself “Ebony do you need this?”Or “is this worth the price?” Personally I’m a sucker for hair care products and shoes. I have to remind myself that if I don’t need it, I shouldn’t get it.
Some facts to consider:
- 69% of American have less than $1,000 in savings.
- 34% have no savings.
- Milleninals are spending more than they make (living above there means).
- 74% of milleninals have less than $1,000 in there savings.
- 31% have zero.
- Ideally you would want six months worth of living expenses saved up.
This website contains more information. It’s where I got my sources from. http://finance.yahoo.com/news/heres-much-average-millennial-savings-182226193.html
My goal is to be mindful of my spending and to have money for a rainy day. If you have any suggestions or ideas on how to save please comment and let me know. I would love to hear.
A budget is telling your money where to go, instead of wondering where it went.