We Need To Start Budgeting

Good morning Beautiful Women Supporting Women,

Happy Monday and Happy November! I hope you had an amazing weekend and Halloween. For the first time, I can honestly say I did not have ONE trick-or-treater come to my door. I was kind of relieved because I forgot to buy candy :-). Aside from this, the Fearless Foxes hosted Women Impacting Public Policy (WIPP), President Candace Waterman on our platform. WIPP is a committee that works with the policy makers on Capitol Hill to make meaningful changes that will help women entrepreneurs. A lot of policies are in our favor as entrepreneurs BUT we are not aware of what’s available to us. The money left on the table is startling! If you want to learn more about WIPP and their work, go to wipp.org. I think this is a topic I will discuss before the year is out. It can really be a game changer in our business.

Last week I mentioned I was going to discuss budgeting again. There are so many ways to budget but the questions always asked are “What if I don’t make a lot of money OR My debt is higher than my income?” While certain obstacles may make it difficult to begin, there are ways you can try again. It’s the 2nd of the month, so let’s shift our mindset and start this budgeting journey. The goal is to live within your means and track your spending habits. You will reap the rewards when you make the decision to change.

On a piece of paper, do the following:

  1. Title your budget – you can call it a budget, but why not make it a more positive, fun name such as: Financial Devotion, Financial Stockpile, Nest egg, Bringing Down the Debt (like the movie, Bringing Down the House, Building My Bag, etc….) Whatever you want to call it, just do your best to make it work.
  2. Write ALL monthly income on one side (alimony, side hustle money, etc…) and your debts on the other (make sure to include 20% of your income for your savings first – a rainy day fund, along with rent, car note, groceries, gas, dining out, cleaners, medical expenses, etc…)
  3. Review your budget at least twice a year for revisions

Some people like for their “masterpiece” to be put into a spreadsheet. I’m old school, so I have mine written down, but create it whichever way is best for you.

Next week: Let’s do a check in to see how everyone is doing and then I will go into decreasing frivolous spending habits.

Post how you’re doing here with making a budget or email me at: thefinancialcomforter@gmail.com.

As always, thank you for reading and sharing.

Have a beautiful and blessed week.

Marsha

Changing the lives in our community….one family at a time

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