Friday, November 5, 2010

Finding Your Budget Style

Not everyone's budget is going to look the same. You're thinking, well, duh, not everyone makes the same amount of money. But what I mean is that how you shape and keep track of your budget is going to be different for everyone. Me, personally? I need things laid out where I can see them. I tried creating a monthly budget recently, which is pretty much the gold standard. And that's all fine and good, but I get paid every 2 weeks and different bills and such fall on the different paychecks. And as I'm still fairly young and without a ton of savings, I still live "paycheck to paycheck" so to speak. The monthly budget was just a little too overwhelming at this point. I've decided that a good way for me to enter the world of structured budgeting is by creating a bi-weekly budget rather than a monthly budget (at least for now). This is going to require a little bit more work on my part but I think it's definitely the best option for me right now. It will help me "see" things better. And seeing as how this months budget was kind of a fail, I need to try something different!

I've also decided to "itemize" my savings. Basically I'm going to look at my overall savings and create different categories. That way when I'm saving up for something in particular (or paying myself back for something like the plane ticket I just bought) I can know down to the dollar what belongs where.

So just remember, just because almost everyone uses a monthly budget doesn't mean you have to. If that's too overwhelming or just not practical for you, do you own thing. You could even make a weekly budget if you really want to. :)

Like I said before, my biggest goal in this whole budgeting thing (at the moment) is to simply know where my money is going and make sure I'm spending purposefully.

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