Let's Talk Money...

$$$ Money Money Money $$$

We live in a society where money can buy you everything you would want from name brand shoes and clothes, a big house, fast cars, power, friends, and so MUCH more. But not all of us are gifted with a great amount of wealth and so it is crucial to be smart with the money we do have at our disposal. 

Let’s talk BUDGET, I know for many this can be a foreign concept as we often want to spend more than we have to buy the things we don’t necessarily need. For me personally, I learned my best budgeting tricks from by grandparents. They were SMART with their money before people really knew what that meant. 

So let us begin…

1. Start by writing down your income from your job and/or other sources:

-Income

Some people are savvy to buy and sell things and would consider this additional income. Or maybe you walk dogs in your neighborhood, mow your neighbors lawn, drive your personal car for a taxi service such as Uber or Lyft. Whatever money you have coming in, write it down.

2. Write down places you NEED to spend your money:

-Rent/ Mortgage

-Food

-Toiletries

-Clothing

-Car Insurance

-Car Payment

-Phone

-Internet/Cable

These numbers are crucial to your daily living and this is where your money NEEDS to go every month. Now depending on the area which you live, you might change these items. For example, you might live in the city and don’t need to pay for a car and insurance. But instead you would be paying for public transportation such as bus, train, taxi, etc. Or you might be like me and don’t find yourself needing to pay for cable as your don’t watch TV. Also your numbers for one item or the next could be different compared to other people. Such as clothing, your budget for clothing could be larger or smaller than mine. So just adjust items where necessary for your personal living situation.

3. Follow up by writing down places you would LIKE to spend your money:

-Coffee

-Hair Salon

-Nail Salon

-Restaurant: Food and Drink

-Entertainment: Movies

-Vacation/ Travel

So this a list of what you might call “luxury” items or extras, these items are not needed in your budget but can be added. Again, my luxury items and your luxury items will not be the same. In fact I put coffee on this list because I could make it at home but there are some times when you just need a Starbucks coffee. But you might actually put coffee under the first list, the list of NEEDS. Then getting your nails done might not exist on either of your lists. 

Anyway, do you have your two lists? Good…writing all these numbers down can be taxing but it lets you see all your expenses.

Now go into excel and find a budget format and input all of your monthly expenses. Use this budget for every month, I like to print mine out and add any numbers as I go along. Every paycheck deposit the full amount but allow yourself a certain amount in cash each week. I call this my  weekly “allowance” which is funny because I never got an allowance growing up. This is the trick I learned from my grandparents, this weekly allowance gives you the opportunity to buy your Starbucks coffee, get your nails done, go see a movie, etc. But once that allowance is gone for the week, that is it and there isn’t anymore until next week. So plan accordingly, if your girlfriends invite you out for dinner at the beginning of the week it might mean no movie at the end. Be smart with your spending! The idea of an allowance can be strange at first but overtime you will be happy for spending less.

Well this is my budgeting tool for myself and my life. Adapt a budget to your own life and see how your spending is transformed.

Come & Experience Life with Me,

Mrs. Dellagranda