Do you know what a great challenge is? When Saturday comes and your friends want to meet for mimosa bottomless – but your account balance approaches zero. Not only can you not afford to go out, you are also likely to be worried about having enough to cover your rent. How can you possibly save in this case?
Make a small change to make sure you pay yourself: Start your budget on a Saturday. Keep track of your bills and set up a budget for an emergency fund:
Separate your bills from your expenses
When it comes to spending, you may have heard the terms “fixed” and “variable.” Fixed expenses are invoices that you normally have to pay each month and whose amount does not change. Think: rent, insurance, cables, student loans and utility bills.
Variable expenses are things whose amount changes every month. For example, money you spend on restaurants, entertainment, groceries, clothing, personal items, etc.
For the weekly budget to work, you want to separate your variable expenses from your fixed expenses. Next, determine how much money you have left after your bills have been paid. If it’s $ 1,600, you commit to providing a fixed amount to your emergency fund each week or every month. (Note: Auto Save is your friend.) You can spend the rest on anything you want. So, if you want to spend $ 400 a month on your emergency budget, you’ll spend about $ 300 a week on your spend budget.
Start your budget on the weekend
My friend Ari Hren-Boulis, a financial coach and founder of Aristotle’s Coaching, came up with the idea when he was in college. He would start his weekly budget on a Monday. And until the weekend ended, he would not have the money to drink with his friends. He decided on a simple change that made a big difference and started his budget on Saturday. In this way he had more money at leisure and could enjoy himself.
Plus, it’s much easier to save during the week when you’re busy. “It was easier to save from Monday to Friday, to bring your own food to work than to buy food at work,” says Hren-Boulis, who is now 26 years old and graduated as a certified financial planner.
Think about what motivates you
Hren-Boulis points out that a successful weekly budget planning is up to you and motivates you. If you are not motivated to save money during the week so you can enjoy the weekend brunch, think about what you would rather spend your money on. “It really is the place where you spend the most money and usually spend money on those things,” says Hren-Boulis. “When will you do something that will cost $ 40 or $ 50?”
I love to top up treats from the Sunday farmers market. After starting my budget on different days of the week, I realized that starting my weekly budget on a Sunday did that for me. I did not mind being more frugal for the rest of the week so I could enjoy organic vegetables and freshly prepared Greek figs yogurt. My friend Tricia wants to make sure she has enough money in her weekly budget to buy food for herself and her five puppies. In her case, it makes more sense for her to start her weekly budget on a Monday.
Research your problem areas
Spending plans and budgets change with changes in your needs and habits. If you’re increasing your budget or changing from a monthly budget to a weekly budget over a weekend or another day and are still having trouble saving, go deeper and look for the problem areas.
Ask yourself why you may not save money. Maybe you still spend too much in certain areas? Or you tend to let up when someone asks you to borrow money, even if you do not have the money you have at your disposal? Whatever the reason, restart your budget. Then try it out to see if your spending plan is up.
Find your rhythm
No matter when you choose to increase your budget weekly, the magic is that you fall into your own personal spending rhythm after about six months, explains Hren-Boulis. As a lifelong budgie who always makes tweaks.
While there is still a bit of work to be done, I have also found that you are developing an intuitive, budgetary spidey sense approach. “You will get to the point where you look and find out how much money you will spend,” says Hren-Boulis. “They start figuring it out and then prepare.”
Just as my partner has learned how to make good choices with his diet based on what he puts into his shopping cart every week on the market, you can gauge how best to divide funds into your weekly budget.
So, if you have a budget of $ 250 a week and you spend about $ 80 on food and $ 80 on food, you’ll spend $ 110. If you want to spend more on clothing or household items at Target, spend a little less on food this week.
If I want to make larger purchases, eg. For example, if you purchase another set of yoga classes or aqua-gym classes, I will access my Splurge Fund.
Budgeting requires work but does not have to mean self-deprivation. When you find a flow that suits you best, you feel less financially strong and more inclined to stick to an expenditure plan. This means you will not have to worry about having cocktails, farmer’s market vegetables, or a few dollars more on the bank at the weekend.