We made it to the end!
So I ended this month with a budget plan layout! Let me tell you, seeing my finances on paper and actually creating a financial plan took a huge load off! So let me share how I did it:
- Review Bank Statements
Depending on your bank you can either print your statements or review them electronically. I bank with Huntington so they’re phone app actually has a spending analysis chart broken down into categories such as shopping, dinning, groceries etc. So that was extremely helpful! During this I realized your girl is spending wayy more than I actually make. I reviewed December and January months to compare the two and see what areas I spend the most in.
2. Start Writing
I started with writing down how much I actually make per month.
Then I made a list of must pay monthly bills and their price.
I added the price for all those must pay bills then subtracted that from my monthly income.
Now that money is set aside, start breaking down by week what you have left. So typically by 4.
Once you breakdown how much you have each week start dividend the money by week. So I put mines into 3 categories: groceries (including diapers and household items) gas, and leisure.
3. Start Enveloping
Is that even a word?? Lol. Well take a few plain envelopes, label them as you categorized and start saving!!
It so much easier. It helps control the amounts you spend and whatever you have left over either roll it over for the next week, create an ‘extras’ pile for emergencies or treat yourself!
I would also suggest spreading your funds around different banks and credit unions. Something I chose to do as it helps separate bill money from leisure funds.
Now if you have old debt to take care of, add that to your categories with groceries, gas etc.
With my own past debt, I created a separate budget planned which is also connected to a different bank. I will have more than one source of income so that will come from a totally different income than my monthly, groceries etc.
I hope you all enjoy these tips! It looks like my new follower Julibee and her significant other created a similar budget plan as well! Definitely keep us updated on how it goes! I’m excited. So far it’s been great and stress free for me. Oh!! Almost forgot, save your receipts and file them in that envelope. After a month file them elsewhere for taxes or throw them out cause you got it!! Lol
Have a great day!