3 simple Budgeting tips for beginners that will completely change your finances
Want to be more organized, save money, and master your budget? Don’t miss these 3 simple budgeting tips for beginners that will completely change your finances.
Getting a hold of your budget is extremely exciting! I am sharing with you the top budgeting tips for beginners so you can get to see your money grow and your debt decrease.
After learning about all these budgeting tips for beginners, you are going to be a pro and extra prepared to tackle your finances and start budgeting consistently.
In this post you are going to learn about all the budgeting tips for beginners that will help you crush your money goals.
Why do you think some people still struggle with their budget? Why can’t they save or pay down their debt? Do you think it’s because they lack focus, organization, and accountability? Could it be that they don’t have any money priorities and financial goals?
Maybe.
Or they just don’t believe they can change their financial situation. Well, I’m here to tell you that you don’t have to think like most people.
You CAN transform your current financial situation, but it won’t happen overnight.
I am sharing with you some budgeting tips for beginners that are critical to your financial success. If you applied these budgeting tips in your life now, you’ll eventually see all your hard work pay off.
And you’ll come out ahead than most of your family members and friends (who all they do is complain about how they don’t have any money).
1) Create a Money Routine.
This is by far the BEST budgeting tip for beginners. If you don’t have a money routine, now it’s the time to start one.
Make it a habit to look at your bank balance. Look at your expenses. Categorize your transactions. Pay your bills. Transfer your money to your savings account.
Write down the upcoming bills and any upcoming expenses. Plan out how much money you will transfer into savings. This is the time where you prioritize your money goals. You can create sinking funds to help you achieve those big goals.
Creating a money routine will keep you on track with your financial goals and will keep you accountable. It will save you from overspending.
Choose a day of the week where you can commit to plan out your budget for 15 minutes. Instead of focusing or budgeting for the whole month, choose to focus on budgeting for one week at a time.
List all your expenses coming up that week. Think about how much you will spend on bills, food, and gas this week. Think about how much money you want to save this week.
Create a mini-budget just for one week. Track all your expenses and see if you stayed in budget.
Do this budgeting tip for beginners and watch your money grow. It will feel like you got a raise!
2) Budget Before You Get Paid.
Most successful people budget before they get paid. They know exactly what bills they will pay with every single paycheck. They know exactly how much money they will transfer to their savings account. Typically they transfer a minimum of 20% of their paycheck into a savings account before they pay their bills.
They know where every penny of their paycheck is going before they receive it!
If you wait until your payday to try to learn to budget and decide what bills you’ll have to pay with that paycheck, you’re already behind!
I know you want to watch your money grow and start saving… so I’m sharing with you this budgeting tip for beginners so you can be like most successful people and start planning and budgeting before you get paid.
Before you get paid, get a blank calendar, and fill out your paydays. Then list under each paycheck the bills you plan on paying with each paycheck.
If you don’t know how much you will get paid, just budget the lowest amount and go from there. Now, start to list all the bills that would have to be covered by that paycheck. You want to make sure to include your mortgage/rent, gas, car payment, insurance payment, gas, utilities, food, eating out, etc.
I want to share an essential budgeting tip for beginners (that I wish I knew about sooner): You can split your rent or mortgage bill with each paycheck. You don’t have to use one paycheck to completely fund your huge mortgage or rent bill.
That’s exactly what I do. I’m not able to pay my mortgage bill with just one paycheck because I wouldn’t have enough to eat or pay other bills.
So I save half of my mortgage payment with each paycheck. I set aside $520 every paycheck. Then I send $1,040 mortgage payment on the first of each month.
You can do the same if you have a large bill that’s not covered by just one of your paychecks.
When you budget consistently before you get paid, you take control of your money instead of letting it control you.
3) Get Uncomfortable.
You won’t ever grow if you stay in your comfort zone. Budgeting can be very uncomfortable at first. It may seem as too restricting and boring.
You know why? Because we are constantly bombarded by having everything right now. We hate the thought of waiting! We want it and we want it now!
This behavior is what’s keeping you broke!
In order to successfully budget and win with money, you have to learn to delay gratification. In other words, you have to be patient.
Instead of reaching for the credit card and swiping it so you can get what you want right now, SAVE for those things.
For instance, prioritize your spending. Be intentional. Change your money mindset. Differentiate between your wants and needs. Let go of convenience.
Be ready to tell yourself NO.
On the other hand, start saying YES to your financial goals. Say yes to budgeting, getting out of debt, savings, and to starting an emergency fund.
To recap…
In this blog, we’ve discussed different budgeting tips for beginners, from creating a money routine, budgeting before you get paid, and now to getting uncomfortable.
You’ve laid a solid foundation for building your successful budget; one that will set you up to grow your money.
Other Posts You May Like:
6 Comments