I hit a financial rock bottom, got my act together, went back to school and became an Accountant. I wanted to share some of the tips that helped me get out of my rut and also the knowledge I’ve learned through my education! We in this together. THERE SHE GO👑
I know people who are excited when it comes to budgeting, but I know a lot more people who dread it! When you are not in a good financial space, it’s easy to pass off excuses on why you can’t do this and that with your money. The reality though is there is no excuse. You are in control of your money, how you spend it, how you choose where it goes. I don’t know about you, but I’d much rather have a say in where my money is going than look up and wonder where it went.
I prefer doing a budget for each pay check. Some people prefer monthly budgets. I handle things better in small increments, but the choice is totally up to your comfortability. A budget is more than just writing down all the bills you owe. It’s looking how you can decrease those bills and find room to save. Not save to spend, but save to build.
Budgeting means setting limits on everything, not just spending because you have it. If I say I’m only going to spend $20 to eat out this week, that’s what I’m going to do. If I say I’m only spending $100 in groceries this week, then I’m clipping coupons, and getting sales papers to get the best value for my money. If I want to go on a vacation, setting a limit to save each month is necessary.
Too often with money we don’t hold ourselves accountable. This is why creditors love us. They know we will continue to spend money that we don’t really have through credit cards and loans. Instead of cracking down on ourselves paying $20 on a bill on our credit (they add up), we do everything else, then next month wonder the same thing, how am I ever going to pay this bill off.
This month I challenge you to take back control of your money! When you are in control and holding yourself accountable, you are allowing yourself to grow financially.
If you are looking for someone to help you with budgeting, I am now taking on new clients for budget plans and credit repair. It’s important to me to empower the next woman with everything I’ve experienced and learned. Follow me on IG @cwestcoachconsult for contact information.
As we embark on a new month, what a great time to revamp our budgets! We all want financial freedom and for a lot of us it seems like it’s going to take forever to get there. I was raised by a single mom and watched my mom struggle month after month. I’ll be honest, to this day I don’t know how she made it happen, but she did! With the resources we have today, I know we can!
I think most of us women love to spend. No matter what we are spending it on, it’s important to us at the moment. The question isn’t whether it’s important to you, it’s “is this a need or a want.” I find myself saying that a lot. Not to say we shouldn’t treat ourselves, but if you are trying to save money, and be in a better place financially, sacrifices have to be made. My favorite excuse was “I don’t make enough” but in reality I was just spending too much!
Keep all your receipts for 2 weeks. Get a visual for what you are actually spending. Check your bank statement for the last month. See where costs can be cut. I know a big change we all can make is eating in rather than eating out. Think about it. If you spend $5 a day on lunch (and let’s be real, we spend more than that ) for even just 4 days a week that’s $20. That $20 has lost its value because eating out is not a need and that $20 would be more useful spent in another way or even better SAVED!
When I started looking at the value of money, I started looking at the longevity of it, where can this $20 take me. It changed my total outlook on my finances. I became very reserved and got my shit together! I started having money to pay off dings on my credit. I actually started having a savings. I realized I spent money on a lot of things that I liked, but they didn’t hold true value in my life.
The envelope system!! I got this idea from my mom! I’ve been using this since I started working at 15! It allows me not to overspend and see exactly where my money is going. It’s also a great way to start a savings goal. Discipline is everything when it comes to controlling your finances. It’s ok to say no. It’s ok to put things back. It’s ok to grocery shop with a calculator ( I do).
It’s so easy to swipe a card and even easier not to keep track. Bringing a specific amount of cash allows you to stay within your limits. I guarantee you will find yourself spending less and saving more.