Don’t be overwhelmed! Here are four tips to building your Budget.
- Track Spending
- Identify where your money is going. Record EVERY purchase you make for a month in a journal or app. Assess, then cut back until you have at least twenty percent of your income remaining monthly.
- Automate Savings
- Open a savings account with your bank. Schedule monthly transfers for right after you get paid.
- Prioritize Expenses
- Does it make you happier to spend money now, or save up instead? Decide: reward yourself with a weekly ritual, or an end-of-year vacation?
- Cash Allowances
- Put cash amounts into labeled envelopes, specified by expense, and leaveyour plastic at home.
Your future self will thank you for these mindful changes!