Hello and welcome back to day 5 of my How To Create The Life You Want mini course! Today we are going to be diving into creating financial well-being.
Create a budget
I know, I know, everyone is always on about creating a budget. But today, I’m actually going to show you how I create my monthly and weekly budget and actually walk you through the steps that have worked for me.
I’m a pen and paper girly but you are welcome to complete this exercise using whatever method works best for you, be that pen and paper, excel etc.
Creating a weekly budget to plan expenses efficiently
- Compile your monthly expenses
- Write down your income estimate
- Add all your expenses together
- Take the amount of your expenses from your total estimated income
- Add budgeted items to list (groceries, gas, beauty etc.)
- Take that number away from your total income
- Readjust budget as needed
Creating a weekly budget to plan expenses efficiently
- Write beside each expense what day of the month it comes out
- Write a week by week budget and fill in each expense and your income that week
- Take the total away each week
- Double check that you have all the dates lined up for the money to be there
- Every week put all your extra cash into a separate account
- At the end of the month that’s when you put money into savings, give yourself your spending money
Now you are all set to budget for the next month. The method I use ensures I don’t miss any payments and it ensures I don’t accidentally over spend on extra’s throughout the month. It’s important that you set a bit aside each month for those unexpected expenses.
Quick Tips
- Window shop prices and products
- Read reviews and use samples before buying
- Save up and plan each purchase
- Use layaway when possible
- use what you have
- Buy less premade meals
- Use more whole grains and less meat
- learn to make your favorite meals at home
- Shop around for the deals
The following is an article with 50 money saving hacks.
Financial Well-being is not just about saving money and having a good budget it also includes the relationship and mindset you have about money.
How To Create A Positive Money Mindset
- Forgive Your Past Financial Mistakes. No one is perfect.
- Understand Your Thoughts and Emotions Surrounding Money.
- Realize That Comparing Yourself to Others is a Losing Game.
- Work on Forming Good Habits.
- Create a Budget That Brings You Joy.
- Remember to be Thankful.
The following are three fantastic articles all about money ,mindset!
https://www.happybank.com/resources/six-steps-to-creating-a-positive-money-mindset
https://eringobler.com/money-mindset
https://www.forbes.com/sites/rcarson/2023/05/24/how-to-develop-a-positive-financial-mindset
This is a good time to pull out your journal or any form of free writing you enjoy and use the next questions as prompts to become more self aware of your current money mindset.
Where are my problem areas when it comes to money?
What feelings causes my impulses to spend more than I should?
Am I coming from a zero sum mindset?
What would I feel like if I had a positive relationship with money?
What would my life look like if I had a positive relationship with money?
My Financial Goals
The last step is to create a list of financial goals for the next 3 to 6 months. Remember not to overwhelm yourself. Start by creating as long a list as you can think up and then pair that down to 3 main goals to focus on for the next 3 to 6 month period. I promise if you follow these steps your financial well-being is going to be completely transformed. Honestly, small steps go a long way over time!
Thank you so much for tuning into my mini course How To Create The Life You Want day 5. I hope you leave feeling refreshed and ready to reach those financial goals and to develop a positive mindset around money.
Much love always <3 Ky
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