Setting up a Monthly Budget
Something that is definitely an acquired skill is learning how to budget. My mom had me get a job right when I turned 16 years old, and at this point I really didn't understand the value of money or saving money. Every two weeks I'd get a pay check, go to the mall, go out to eat, and by the time the next paycheck came in, my bank account was at $0.00. I didn't really have any expenses to worry about, so it was just fun money for me. When I graduated college and started to see some expenses come in, that's when it hit me... I needed to start saving!
Throughout college, I made sure I didn't buy unnecessary things and tried not to go out to eat. And when I did go out to eat, I would get something very cheap. I became so obsessed with saving that I really didn't give myself any kind of 'fun money.'
Now that I graduated college and have a professional career, I realized that is not a smart, enjoyable way to save your money. I currently use a template on Google Sheets when creating my monthly budget because I can access it through my computer and my phone whenever I need to.
Find Template Here
I start out with my income for the month; I am a Salary employee therefore it is very easy for me to determine my income, but if you are hourly I would estimate it lower than you would expect. Then I fill in all of my expenses I know i typically have: Gym Membership - $25, Phone Bill - $57, Car Insurance $57, Gas - $200, etc. Then after filling out the expenses, start keeping track of your expenses and try to stay within that goal!
I, personally, set a specific amount that I must put into my savings every month, and if I have any 'extra money' left over I also throw into my savings.
Be sure when setting up your budget, you want to give yourself SOME spending money. I love fashion and makeup therefore I set aside money every month to purchase the things I love!
I hope this template helps you all out and if you ever have any questions about budgeting/saving money, DM me on instagram @lexiesmiless!