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  • Morgan Pruitt

8 Steps to Successfully Budget

Saving money can be a total drag. With all the bills piling up in adulthood, it almost seems like saving money is impossible, but it is not! It might take a little time to get used to, but saving money can be MUCH easier than you think

Here is a few ideas to help you reach that monthly saving goal by budgeting!

1. Figure out the amount you want to save each month

- The reason this is number one is because it allows you to come up with a goal before you even start and having a goals gives you something to work towards. It is a lot harder to budget if you aren't even sure about how much you want to save. Once you figure out how much you want to save, it should be somewhat smooth sailing from there

2. Write down your monthly income

- Here is your starting point to reach your goal. This is the total amount you have in hand to spend, but it should not be the amount you actually spend. Seeing your monthly income written down along with your goal should help you put things into perspective as far as your money goes

3. Figure out how much you spend monthly

- It is important to know the average amount that you spend a month so you can really figure out how you are going to budget and if it is going to work

4. Figure out exactly how much you spend vs what you make (Track your spending)

- If you make $3,000 a month and spend $2,750, subtract the two and you come up with $250. If this amount is not what you want to save, it is time to make changes

5. Figure out what is a necessity and what is not

- By now you should know if your savings goal is realistic or not. If not or if you think you could save more, you have to figure out what is important and what is not.

- Important examples: Rent/mortgage, utilities, trash pick up, car payment, insurance payment, child-related expenses, healthcare expenses, debt, gas, and groceries.

- Non-important examples: new shoes/clothes, extra snacks, new hair, new nails, new electronics, lottery, bad habits (tobacco/alcohol), or a gym membership.

- If you notice that you are spending close to 1/2 of what you make on your non-important items, then you need to figure out what you can cut. Be honest with yourself.

6. Find the best way to cut your non-important expenses

- If you spend $35 a month on a gym member ship and you only go 2-3 times a month, cancel your membership and only pay the daily fee when you go or be your friends 'plus one' that gets to go for free (if their gym offers it). That is $35 back in your pocket

- If you spend $85-$100 a month on your bad habit, cut the days down that you use it. If you're satisfied with it for 8 out of the 30 days a month, only purchase enough for those 8 days instead of all 30 days. That is $45-$60 back in your pocket

- You get the idea. Learn to cut back on things that aren't a need but more of a want

7. Keep looking at where you are within your budget

- You cannot make a budget at the beginning of the month and not track what you spent, how much you still have to spend, etc. Make it habit to look at your budget tracker once every week. This will help you keep up with the amount of money you had vs what you have.

8. Give yourself time to adjust

- Going from spending $2,750 a month to $2,250 can be an adjustment. You have to give yourself time to get used to not having the things you cut out. Don't beat yourself up if you overspend $50 because you aren't used to your budget. Once you get used to budgeting, you might even end up saving more than your original goal.

Tri County Title Pawn is here to help you with your financial needs!

We are located in Northeast Georgia

If you are in a bind or just want some extra cash, bring your car title to us today!

(706) 420-0066

Danielsville - Athens - Hartwell

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