Everything On A Budget

It’s no bombshell that the month of January is usually the longest and most expensive month of the year. You’ve probably just returned to work and then you find yourself dealing with the after effect of the financial crises and stress that the Christmas expenses must have accrued. Well, if you are reading this post, it means that avowal has definitely set in and you need to find a way out of your predicament.

I just want to share a few pointers on how I plan a budget and have an easier year ahead.

Prayers: Does it sound absurd? I guess it shouldn’t though because praying over the money you want to spend and asking for God’s wisdom on how to spend it, actually works wonders.

Income: I have obviously calculated my income and set aside a particular chunk of money for the rainy days – as I choose to call the month of January. I transfer it and hubz’ to a particular account that has no debit card access and try to erase the money completely from my mind. Typically, I just deliberately act as if that money isn’t available and no amount of pressure would make me go back to it.

Expenses: We decide on the things we need to spend the money on. I have to redo the list over and over because sometimes, my priorities just keeps fluctuating depending on my mood, and other times, I decide I didn’t even need certain things after all… or I could as well decide to be flexible and just move with the flow and trend. This last option always boomerangs because I tend to forget some of the items on the list.

Goals: Remember that I’ve put aside a certain amount of money which I’ve labeled for specific uses. Now, I try to draw a plan on how to spend it judiciously and effectively. God always sees me through this stage really.

50/20/30 Rule: I learnt about this during one of our money saving tips training session at my place of work and it just kind of stuck. Let me break it down for you.

50%: Spend 50 % of your income on essentials like bills and groceries.

20%: Put this away as your savings for the month.

30%: Personal expenses like clothing and so on.

Isn’t it just fair? That way everyone is safe and happy – your money and you!

Online Apps: There are also some online apps which are made specifically for the purpose of helping you save and track your spending but I won’t recommend any in a hurry because I haven’t used one before and I feel most may not be 100% reliable. But it’s a free world and everyone is entitled to their opinion right?

Anyway, I hope this helps. Good luck and remember that budgeting gives you the freedom and inner peace needed to tackle your problems, especially the 60 + days in January. 

 XOXO,

Yours Truly.

Nikimandi