Over time, we should all get better with our money, not worse. After high school, I learned how to manage a solid income, build on investments, and budget monthly.
Ever since I met my girlfriend, Roselyn, I’ve become even more confident in our ability to avoid struggling financially. She has been the brains behind budgeting and organization.
We started a spreadsheet together and laid out all of our incomes, our expenses, our wants, our needs, and so much more.
In total, we’ve dedicated about 12 hours to it, and these 12 hours will not go to waste.
Many people who move into their own place assume everything will fall into place without proper planning. They think they’ll get lucky.
Budgeting and making plans with your money takes time. It takes dedication. It takes accountability.
Things my girlfriend and I consider when going over our spreadsheet:
- How much is the income?
- How much are the total bills?
- When are the due dates on the bills?
- How much is going into savings?
- How much is going into investing?
- When is payday?
- What are the needs?
- What are the wants?
- What vacation or event are we putting money aside for?
- What bills can be cut back on?
- Can we get a better rate somewhere else?
- Are all of the housing expenses covered (groceries, toiletries, etc.)
- Is there anything else you can think of that we’re missing?
There are so many things to take into account when it comes to budgeting and financing. It can be overwhelming if you don’t develop a plan.
Many individuals get stuck in the rat race because they don’t take the time to budget and set up a plan.
Certain individuals dig themselves into a financial grave. They think they have more leisure money than they really do once all things are taken into account.
The better grasp you have of your financial and living situation, the less stress you’ll have, and the more you’ll be able to focus on actually living your life.