Budget, budgeting. We all have a finite relationship with money, and unfortunately, we are mentally blocking such a viable resource to our livelihood.
Learning how to budget money or how to make a monthly budget gets better with time and the results are beyond outstanding. Start making great changes to your finances.
Financial success comes from a place of gratitude. We have to be thankful for the money we have and that we haven’t received yet. Money is often referred to as an energy source that flows, repels, and attracts. In simple terms, we can use our thoughts and desires to attract more of it. Managing money properly will help attract more.
The first thing you need to do is find what your goal or goals are. Your goals will dictate what kind of budgeting strategies you need to implement. They will help you determine how to budget your money.
Below I will link the resources I use to strengthen my relationship with money, abundance, health, and happiness. Let’s get into the 8 categories that keep my monthly budget simple.
1. Housing
Any expense related to housing would go into this category.
Mortgage/ Rent Payment
Utilities (Water, Trash, Electricity, Sewer)
Cable + Internet
Maintenance
Home/Renter’s Insurance
Property Taxes
2. Transportation
Any expense related to getting to and from places would go into this category.
car payment
auto insurance
auto maintenance
fuel
parking/bus/rail expenses
3. Consumables
Expenses that get used up or consumed, go in this category.
Groceries
Household expenses (toilet paper, detergent, paper towels, sponges, cleaning supplies, etc.)
Pet Food/Supplies
4. Living
This category is for recurring living expenses, some of these can fluctuate depending on your goals.
Insurance for Health Care
Dental Insurance
Childcare/ Educational Expenses
Personal Care (haircuts, manicures, pedicures, etc.)
Clothes
5. Leisure
This category is for living expenses that can easily be altered or reduced based on your goals. Miscellaneous items can fall into this category as well.
Eating Out
Entertainment
Gym Memberships
Subscriptions
Crafts/Hobbies
Movies, concerts, videos, theaters, etc.
6. Occasions
This category is for occasions that are yearly. Set aside this amount to help you enjoy life.
Vacations
Holiday/Gifts
Birthdays/Gifts
Fundraisers/Charitable contributions
Charitable contributions
7. Reduction of Debt
This category is for reducing debt. The goal is to get out of this category as quickly as possible. I’ll link resources to help you get debt out of your life with a change of mindset.
Student Loans
Credit Card
Taxes
8. Savings
This category is for you to decide for yourself what you think makes sense for your family. There are plenty of resources to find the right savings vehicle for your family’s needs.
401K
IRA
Emergency Fund
Sinking Fund
Life Insurance
There are tons of really great ways to track your expenses. Whether it’s a pen and paper, or budgeting apps and software. You need to know where your money is going. A few simple steps to help you get your budget plan to work for you:
5 Step Budget Plan:
Step One: Calculate Your After-Tax Income
Step Two: List Your Expenses
Step Three: Assign expenses to one of the 8 categories
Step Four: Automate Where You Can
Step Five: Track Your Expenses
Having a visible roadmap to where your money is going will relieve a lot of that stress and feeling of lack. Unblocking the mental money block we put up.
My favorite way to unblock my mind going is by using positive money affirmations. They remind me that managing my money will help me attract more.
Money needs to flow and be respected to receive more. Positive money affirmations include: I am a money and prosperity magnet; I can be rich and wealthy; I manage money wisely. Money is all around me and I have access to it.
Stick to your plan and adjust as needed! Simply changing our relationship with money will open up our world to endless possibilities.
The Secret Film: https://www.netflix.com/title/70063484
Contact