Learn more about moneyandinvestments with this collection
Cultivating self-awareness and self-reflection
Prioritizing and setting boundaries for self-care
Practicing mindfulness and presence
How to Create a Good Budget
The principles that make a good budget, something you can stick to:
- Being Realistic: Being too strict is a recipe for failure.
- Making Adjustments: A budget is not set in stone, but a fluid thing.
- A Team Sport: If you live with a partner or spouse, you have to agree mutually on how to budget the financials.
- Expect the Unexpected: Keep an emergency fund, ideally 3-6 months of necessary expenses.
- Budgeting the Expected: Certain upcoming expenses need to be budgeted in advance, like property tax, holiday shopping, etc.
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A Monthly Budget For Your Money
No matter how little or how much money you earn, creating a monthly budget is one of the most important aspects of managing your finances. What gets measured gets managed.
Having a budget doesn't stop you from spending money the way you want it to, but works like a partne...
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The Envelope System
The Envelope system is a way to track your variable expenses like food, entertainment, and drinks.
This method, preferably used weekly, allocates a certain amount in each category in labeled envelopes (food, drinks, movies, etc.). Once the envelope is empty, you are done spending in tha...
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The 50/30/20 Rule
It breaks down your budget categories into three broad segments:
- 50%: Essential Expenses like housing, automobile expenses, groceries, insurance, utilities, etc.
- 30%: Discretionary Expenses (Non-essential) like Dining out, entertainment, drinks, etc.
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Start Budgeting
Follow these simple steps and start Budgeting:
- Choose the right tool (Budgeting App, Excel sheet or Envelopes)
- Gather all information like your bank and investment account numbers, user id's, and passwords.
- Make a list of all your income sources and...
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How to create a budget
- Gather Some Financial Information: gather a detailed list of your income and expenses.
- Select a Budgeting Method: figure out how you’ll budget your money to meet your most pressing financial goals.
- Create Your Budget: tally...
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