What Does It Mean to Live On A Budget?
When you hear the word budget, what comes to mind?
Here are some common misconceptions I hear most often:
Budgeting takes a lot of time
Living on a budget means I can't have nice things
I can't go to restaurants or on vacations when on a budget
If you want to make money-smart choices, then start your budget sooner than later. It may take a little bit of time to get your budget set up the first time around, after that first month, you'll be mostly tracking and analyzing to make sure you're on track or if you need to curb your spending in a certain category.
Never set up a budget before? No problem, head over to the resources section of my website and check out the budget templates that you can download and work on building your budget. I also answered a Dear Olga question that outlines how to create your budget step-by-step here.
If you take anything away from this article, I prefer it would be that living on a budget doesn't mean that you don't get to have nice things, can never go out to a restaurant, or go on vacation. In fact, it's the opposite.
A budget allows you to see a visualization of what your fixed costs are. If you have extra spending cash you can put it towards personal priorities like travel and entertainment.
By seeing what you are working with, you'll be able to prioritize what matters to you and make the most of what you have.
If you're struggling to get started because it's overwhelming or too stressful, don't worry, I'm here for you!
Send me a message and let's see how we can set you on a path to financial independence.
If you have a money question, submit it here for a chance to be featured in the "Dear Olga" column!
#MoneySmart #Budgeting #MoneyWhisperer #FinancialCoach #FinancialLiteracy #FinancialIndependence