Continuing our budgeting basics series by teaching you to assign all of your money a specific job.
By Lexi DeRock
Hello lovely readers!
So, if you have been a good little student and done your homework then you’ve already made a list of your expenses big and small, you’ve plugged them into your spreadsheet or trusty notebook and you’re wondering what to do next when it comes to budgeting basics!
Well now it’s time to take whatever money is left over at the end of the month and assign it a job. Now I hear some of you saying “What money left over!?” and you sound very much like myself. Don’t worry, I know it can be overwhelming, but pull up your big girl britches and keep pushing through and you’ll get there!
If you’ve done up your budget and you haven’t got anything left at the end, or worse you haven’t got enough to make the bills then it’s time to make cuts wherever you can and figure out other ways to bring in cash.
Can you get your food budget down?
What about transport?
Are you buying a coffee on the way to work when you could make one?
Are you buying name brand where you could be buying generic?
Could you buy in bulk and save?
Pick up an extra shift at work or make something you can sell in your spare time?
There are heaps of ways to spend less and make more and over our time together I’ll show you how I’ve done it and what I find works and isn’t worth the bother but that is a post of a different color my chicken!
Today’s post is about what to do with the extra money you do have above and beyond your expenses each month so if that’s not you, sit this one out and I’ll get back to you soon! I promise!
Budgeting Basics: Give Your Money A Job!
So you’ve got some moolah left after your expenses and now you want to know what I mean when I say it needs to be put to work.
Well simply put, this is when it’s time to take that money and give it a job.
Add categories to your budget such as vacation, emergency savings, long term saving for things like a mortgage or car, short term savings for things like a new winter coat. Think of things you want to start saving for like a kids college fund or investing in stock or buying a pool for the back yard this summer.
Even if you don’t have heaps to put into those accounts it’ll add up bit by bit instead of getting spent of things you don’t need or even want but buy on impluse. I recommend you put this money in envelopes like the other money you are planning to save so it doesn’t accidentally get spent.
This one is important so listen close! Put money into your fun fund. Fun fund you ask? Yep, some of your money should go toward having fun so that you don’t feel like all you ever do is budget. Even if you can only put $1 a week into your fun fund, do it! And spend it! How much fun can I have with $1 you ask?
Treat a friend to a soft serve from McDonalds and go for a walk.
Stop by a dollar store a pick up so bubbles or jacks or other kids game and play like you did when you were little and a dollar made you feel rich!
Shop at the discount end of the drug store and pick up a cheap nail polish and paint your toes or thow it down on the dream of a lotto ticket.
Just do something that makes you happy with whatever your fun budget is and remember the better you stick to your budget the more money you’ll soon have and the bigger that fun budget can be!
Start dividing up your money and set it off to work! And put aside a little of that fun money and go WILD!
Next time I’ll talk about ways I’ve found to save money for those of us who fit into the “What money left over?” camp. I got your back sista!
For more money saving tips for families, check out these posts:
- The Newlywed’s Guide To Budgeting: The first in the Beginning Budget series.
- Family Budgeting Tips For Beginners: Need to figure out a family budget? Start here!
- The $1000 Challenge: One woman’s journey to cutting $1000 from her monthly expenses.