I know it has been awhile since I last published a post and I am SORRY! My life has taken some crazy turns these past few months. Things have finally settled down for my family!
Now with things finally becoming balanced, I am ready to re-energize the things in my life that I enjoy; like my blog! For me figuring out how to go from a stay at home mom to full time working mother has been very difficult. My daughter and I are still learning how to keep things balanced. Over these past few months that I've been away from my blog, I've gained a better understanding of why balance is so important. For my family having balance means that things are calmer, life runs a little smoother.
This second part of my four part series is about balancing your budget. In order to balance your budget, you first have to create one. Educating yourself about your finances can only help your future grow. In this part of the series I will share some tips that helped me create my budget and gain balance over my finances.
Part 2: Budget: Tips for creating a balanced budget
1. Determine your budget goals~ For me I had two budget goals. The first was to be able to save. I wanted to be able to save, in two separate accounts; short term and long term. My second budget goal is to be able to keep up. I want to stop living pay check to pay check.
2.Figure out your income~If you don't know how much you make, you won't know how much you can spend/save.
3. Wants vs. Must Have~Categorize your expensive into wants and must haves. Must have are things like the mortgage, water bill, ects. The wants are things like the gym and Starbucks in the morning. You might have to to take a hard look and let some things go if you want to balance your budget.
4. Re-evaluate your goal~Make sure your original goal is realistic with what you are working with. My original goal was not really realistic. I am still able to save into a short term and long term saving account, but not as much as I originally targeted for. I am not there now, but I confident that I will be in the near future.
5. Set your calendar~Every month I sit down with my budget and calendar and mark when bills are due and when I am getting paid. I find that handwriting it out on a calendar helps me remember what kind of money I have available. It has also helped me to stretch my paychecks. Stretching your paycheck can help you not to live paycheck to paycheck!
6. Individual "have to" budgets~Set your individual budgets for things like groceries, household bills,fun, etc. Once these budgets are set stick to them!
7.Bind it up~ Keeps your monthly budget and bills all in one place. This will help you keep track of everything and where your money is going.
8. Re-evaluate how you did the month before~Take a look at where all your money went. You might just find ways to save better and you will be able to track your finances.
Since I started my budget goals I've found that my budget is becoming more balanced. I've been able to save into my short term and long term accounts. I am still working on the "keeping up" part of my goals ( my student loans are killing me). Using these tips has really helped me not feel like I am drowning. I know where my finances are and that helps relieve so much stress. Releasing stress can only help balance your life!
Balancing Life: 4 Part Series that will help You balance your Life
Part 1~ Routines
Part 3-~Meal plan (coming soon)
Part 4~Chores (coming soon)