How To Budget Your Money 2023
Hi there, I’m Chris winter and today I am going to share some tips and tricks on something we all have tried to do at least once in our lives - Budgeting. Now I know that this is something that people often struggle with, but hopefully with these helpful tips, you will feel more confident to reach your financial goals. And with the new year right around the corner, this is the best time to put a plan into action and set yourself up for 2023.
Let’s get right into it.
So, the first thing is to set a goal. What do you want to do, buy or invest in? I think it is really important to have something you are working towards as this will be your motivational factor. When you set your goals, it is important that you consider both long term and short-term goals. For example, what is something you want to achieve by the end of the year, and what is something you want to achieve each month. By doing this you have little check points along the way to make sure you are staying on task to reach the bigger goal. But it also provides you an opportunity to celebrate each month for reaching your target. And who doesn’t love a reason to celebrate and treat yourself.
Next you should establish your priorities. Some people love to live frugally because they want to take an extended long luxurious holiday at the end of the year. BUT for others, having a night out, going out for dinner weekly or treating yourself to a massage regularly might be more important. If you write down the things that matter to you, then this will provide the framework for your budget. If your budget includes these necessities at the start, you will be more likely to stick to it.
Also, if you are sticking to your budget, you are more motivated to continuing staying on track with it. BUT if you are constantly spending over your budget, you continue to follow that trend. It’s really a cycle of creating better spending and saving habits.
Next you should outline your budget. In this stage it is super important to write out ALL of your suspected monthly spending’s. You should make it clear and allocate specific amounts to each category, eg. Rent, groceries, food, leisure. Without this, you might have a general idea about how much you spend each month, but without hard accurate numbers, it is easy to lose control of your spending habits.
I mean, sure buying one lunch to eat out at a time doesn’t feel like a big deal in the moment. But when you sit down and add up the costs of 30 big burritos at the end of the month, those seemingly insignificant meals cost a whole lot.
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I’m Chris Winter and on this channel I make finance videos on:
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