Budgeting Basics

I am an adult now. As an adult, I have to think of stuff like Finances and my Credit Score. (which is surprisingly good for my age, thank you)

Lately, I have been focusing on THE BUDGET. I’m trying to figure out where my money goes (It’s mostly Food and LipSense it seems) and how to properly track and save it.

Banking App

If you don’t have your bank’s mobile app downloaded on your phone, you need to. (Right now) I do 90% of my banking through my mobile app (and the other 10% with my fabulous local banking representatives whom I love) I check my account balances, transfer money and watch for any suspicious activity. I also have the opportunity to freeze my debit card in an emergency or deposit checks electronically when my local branch is closed.

Keep Track of Your Spending

Really keep track, don’t just save your receipts in your car and do nothing with them! (When I was younger I thought I was doing a great job of keeping track of my spending by just keeping the receipts in a box under my bed. Doesn’t work very well that way.) There are several apps out there that help you keep track of your spending. Mint is a great one.

Give Yourself an Allowance

It is totally okay to treat yourself, even on a budget. If you never went out and hand fun you’d probably go crazy! I take out a set amount of cash for a day out. Once that is gone, I’m done treating myself. It’s that simple and it also keeps me from impulse buying things I don’t need. I also have a cash allowance for a lunch out or extra coffee throughout the week. (Those daily Starbucks runs are probably killing your budget)

Set Financial Goals

Right now I really want a new computer. I have been scanning Amazon and checking out deals but I know I can’t justify the purchase right now. There is nothing wrong with my want but I just can’t give in to an instant demand. I have dedicated a few extra dollars from my paycheck to go into savings so that I can get a computer later on down the road. Set goals for that nice camera, save for that car!

I sat in on a talk about how to be a millionaire by age 65 at my college. If the average American would save just 10% of their pay until they retire they are likely to be millionaires. Isn’t that crazy! All it takes is a little dedication.

 

I hope this gave you a little extra insight. I am no expert on money, but man I would like to be!

XO, Madison