For anyone who is just starting a budget it can be a bit stressful. Heck, I’ve been doing a budget for a while now and I still find it stressful! If you’re reading this you’ve probably researched and read a lot by now on budgeting and shaping up your finances. You should be an expert, right? The sad thing is I don’t think anyone is an expert. There is ALWAYS more to learn. Now you get to learn about the 1 thing you need to actually make your budget succeed.
I’m not going to tell you about an app that does your budget for you. I am going to tell you about something that YOU have to do yourself to make your budget succeed.
Okay, here’s my tip … Are you ready for it?? Write down all of your expenses.
I’m serious. Do it. If you’re all ready doing it, I could not be more proud of you!
Keep Track of Your Expenses
I want you to notice something about that tip that I gave you. I said to write down ALL of your expenses. (notice the ALL part) Any little purchase that you make you have to write down to make your budget successful.
I know that it can be tedious. Trust me, I KNOW! Especially when my husband goes to the gas station every day and buys a $1.75 drink. I still write it down because I know that’s the only thing that helps me keep my budget. I’ve seen a lot of people try to start a budget and fail because it’s too hard. I promise you it’s not hard. You just have to find ways to motivate yourself and see the bigger picture.
Know what you’re Spending Money on
If you don’t know what you’re spending money on how do you know what to put in to your budget? Yeah, you can go through your bank statements at the end of the month and add it all up. Then you get frustrated because there’s so many purchases that you give up. Then you decide that budgeting is not for you and go on your merry way.
It’s also good to make yourself realize what you are actually spending money on. When you have to write down every little thing you start to second guess the small purchases you make and don’t need.
Making it Easy
Now I’m not just going to tell you to do something without giving you the tools to do it. I told you, it can be tedious but it is oh so worth it! I have just the tool to make this a little bit easier on you. It’s called an expense log. Now, I want you to have 2 different expense logs:
1 for Credit Cards
1 for Debit Cards
The reason for two different templates is to keep track of what you’re spending on which card. There have been so many times when I have done my budget and realized that I COMPLETELY left out all the expenses from the credit card. Now I make sure that I print out two separate templates so I remember to add in the expenses from the credit card also.
The template is pretty self explanatory. You first right down the date of your purchase, a description for it (like Chevron), write what category it goes in (gas), then the amount. Super easy, huh! This way, instead of having to go back to your bank statements you all ready have everything categorized and can easily insert it in to your budget. Whether that be at the end of the month or weekly.
(Click HERE for access to my freebies page so you can get your free download.)
Become a Hoarder
Now is the time to become a hoarder … of your receipts. (Coming from the person who throws literally EVERYTHING away!) Keep track of your receipts to make it easier to write down your expenses instead of having to check your bank statements constantly. Like I said, I know it can be tedious and annoying. When you have financial freedom you’ll thank me.
What do YOU do to make your budget succeed?
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