How to Determine Your Budget
I've come to the conclusion—the people who can't budget, actually don't know how to budget. Trust me when I say, you don't need the spreadsheets & booklets.
To create a successful budget, you need to acknowledge & accept how much money you actually don’t have.
Know how much you’re spending & why.
Calculate the following:
Necessities: bills, groceries, marijuana, business purchases, gas & etc.
Miscellaneous items: alcohol, cigarettes, marijuana, drugs, transportation, shopping, pampering services, loaning, investing (you don’t have to drown while you invest & wait) & etc.
Eating out: this is usually where the load is
Auto-drafts: check those subscriptions/memberships, you may have forgotten about!
Now let’s see if you actually have that money to spend…
Calculate your monthly income & subtract the amount you’ve spent on the items above.
Take note of how much you’ve wasted… it’s tough to face… I know… lol
Only necessities should be 50% or more of your spending
Miscellaneous items & eating out should not equal the remaining amount. How the heck safe are you going to save?!
At this point, you should distinctly see how much you could have saved.
Have mind control & commit to spending 50% less on miscellaneous items & eating out.
Grocery shop more & eat out less (…dude, just cook…get healthier & save $?! Count me in!!)
Break harmful habits that effect you financially & physically (smoking & drinking)
Make a plan, working pay-check to pay-check should never feel comfortable. It’s not the end goal.
Lastly, sit down & do it. Being financially stable is easier than you think.
Personal Saving Tips I Live By
Take note of your weekly spends to remind yourself to be mindful
On weekends, withdraw $100 & commit to not using your card… swiping a card is taaooo easy for the brain.
The second you get paid:
Transfer 30-40% of your income to your savings account
Pay $100 on your CC bill
Delete Uber Eats & Door Dash… this is major for my millennials
Before you make a purchase online, leave your phone & do something random… I highly doubt the “important” purchase you needed, won’t cross your mind again.
Eat before you leave home
Cancel subscriptions, you can always return!
