Money Talks August 2021 | Carolina Hoyos

Don’t Go Yet: Learn How To Make A Simple Budget

Don't Go Yet: Learn How To Make A Simple Budget

 

Camila Cabello was on to something when she said Don’t go yet! She might have not meant to talk about budgeting, but we promise you if you stay just a little longer you will learn useful tips on how to manage your dinero so you don’t have to live paycheck to paycheck. 

 

There are multiple factors when it comes to making ends meet, but understanding where your money is going is the first step towards changing things up and making our money work harder for you! So read on an =d use these simple steps to create a basic budget without a hassle. 

 

Add Your Expenses

Your monthly bills should go here. Everything else you know you spend your money on every month should be included. 

 

Subtract Your Income 

If you have income from a side hustle and a regular job, add them both up. If it fluctuates from month to month, work with your income totals from a slower month for safer accuracy when it comes to having enough. A good rule of thumb is to overestimate expenses, underestimate income! Just like how Ti@ overestimates just how many miles we walked while underestimating the calories we consumed eating a few extra tacos! 🌮

 

In the Red 💸

If you’re left with a negative number, you have to make a choice. Cut expenses or earn more income. If you have a café buying habit ☕ or an expensive shoe hobby 👠, (yes we know they’re 🔥) you are now aware of the future these habits may be prohibiting you from. But if you only had fully necessary expenses listed here, it may be easier to do a combination of expense cutting and earning more income. 

 

In the Black 💰

If you’re left with a positive number, you have leftover money to save, invest, or pay off debt with. Congratulations! 🏆

 

At Zero

If you’re exactly at zero, you have every last dime of income accounted for. If you include savings and investment accounts in your expenses list, you are on track. If not, you should create some wiggle room to start adding to those pockets for the future. 🧐

 

Try out a variety of apps, software, (or spreadsheets if you’re old school) to help keep you on track every month to make your income work for you. Having a visual of where every bit is going is a great way to keep yourself accountable. And the more you make it work, the more you could justify the 👞 collection!

 

 

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