Don’t let your budget stress you out or not be effective in your life. Build a system, take control, and make it work for you. You’re in charge, you’re the boss of your budget, you tell every penny where to go. I’m going to walk you through some steps that have helped me in the easiest and effective way. If your a reader on this blog our main focus is about saving money and earning money while we shop. I believe that we should all find our “comfortable place” with money. I didn’t want to use the word ” happy” because money should not take precedence for that term. Even the richest people are still looking for happiness, and we can find that in the situation we are in now, so get comfortable!
Successful paycheck to paycheck budgeting
What is it like being in control of something like Money!! One thing for sure you will have time for other things, and you can sit back and watch it grow!!!
Benefits of Having A Budget
- Easier to your track incoming and outgoing deposits.
- More accurate overview of your income
- Bills can be recorded and scheduled for payment.
- You can create realistic goals when adjusting your budget.
Being a Grown-up with money doesn't mean you have to hold on to every penny you make, it just means that you in charge of how it's going to grow! Click To Tweet
Here below is my Paycheck Budgeting Sheet
Do you have a hard time being Consistent?
I’ve struggled with this one thing every month and always gave up. This was to the point that I would just result in using my calculator on my phone for bills and trusted my memory. I always ask myself why is it so hard for me? why is it so hard to save? I want to use my budget to its full potential. I want my budget to work for me.
First thing I examined my faults…
Let’s start with commitment, yes it’s enough to say motivation will do it but after I wrote down my bills I would forget to check in. Plus I’m too busy to constantly keep track. What will help me keep track, reminders!!!
Easiest ways to Create Reminders
- Schedule them on your Google calendar a day before its due.
- Voice record on your phone as a note to record
- Use a Note keeping App like:Google “Keep”, and Evernote
- Create reminders on a Smart speaker and Home assistant device like : Amazon Echo, or Alexa and Google Home
- Use a Life Planner and distinguish the important reminder from the rest of your record keeping.
- Place a list visible at an exiting area in your home.
The Budgeting Planner
The budget we will be doing is generally for the whole year, then broken down quarterly then monthly. Keeping track paycheck to paycheck will be the only tracking. Doing the budget in advance gives you an idea of your income at a glance and its potential.
Don’t be afraid to do it, this takes doing the budget once every month out of the equation it’s done. How do you base your year? pretty much basing on last year expenses and your current income. The year track is more like a summary don’t think details, its just to show you what your working with!!! Your money is your business, we need to forecast and make goals meet our target.
Take your pay income and expense for December and multiply it by Twelve and forecast a goal amount in additional. For example, if you make 32, 900 a year after taxes, create a goal for a trend up (never down) round up to 35,000. Make your estimate attainable, and even if know you can’t do it try it anyways, this will be your goal for the following year. If you find yourself not able to make the increase every year this is not a good sign. Income needs to grow, expenses need to downsize. After reading this post you will be able to track and find out trends within your budget.
At the point you minus the forecasted goal for income projected for the same example, 35,000 -32,900 = 2100 divide that by 12 =175 a month. This is your goal you would either need to make or save from your current expenses. Add this number to your quarterly goals. Your quarterly goals are ways you will be saving money that quarter. Now you are growing.
Next, schedule all your bills for the year on an electronic and physical platform, only fixed expenses. Add the yearly and quarterly summary to your worksheet under bills. Divide yearly, quarterly and monthly bills with the percentage model.
Budget by perecentage
The Percentage Cycle
This works for me mostly but you can change it to adjust your needs. Keep in mind you don’t want to adjust these percentages more than 5 percent. The most important tip is to make sure you end up at 100%, otherwise, it will be a total fail.
I always felt that your budget should reflect your current circumstance then end with a goal slowly. I’m stressing on the slow because your budget shouldn’t be a punishment. Punishing yourself is not going to motivate you but a goal will. As we go along your budget will work for you and all you need to adjust is your paycheck to paycheck. I’ve created this budget worksheet for paycheck expenses, fill out the numbers with a percentage in mind. If it doesn’t fit in this paycheck save it for the next paycheck. You got this! You can conquer this in quotes “budget thing”.
On your quarterly review of your budget look at all your categories. Create a new goal to complete for each quarter, for example: Cut back on subscriptions or bring your lunch to work. I will come up with a list of goals to pick from for each quarter to go online with our budgeting journey from beginning to end.
Your end of the year review will be similar to your quarterly review but your goal should be complete your dream goal. I’m all about the hustle of making money, and saving, saving and more saving but for what end. I want financial freedom, security and less struggling, but your year goal needs to be for YOU! No one else, let me explain the ” YOU” part, not your spouse, not your children, just you. Sure you can have family goals you put together but your self-wellness and self-giving can disappear the more people you put on the top of your list. Let’s give some Dream Goal examples, like traveling, owning a boutique, blogging, turning your hobbies into a business, so many ideas.
Dreams keeps fear aside…
The dreams are what keeps minds motivated and I’m here to say no dreams are lost if they are always right there in front of you, your budget is something you have to be consistent with, why not put at the top of your budget your dream goal? Start it with ” I’m” then “going to…”. If you’re afraid its too soon to sink into you dream your wrong, you will see your world brighten when you are working to complete a dream goal because it’s making your heart happy inside. Having your goal in mind will subconsciously help you make the right decisions, like is this job helping me generate enough income for completing my dream goal or are my bad habits helping me accomplish my goals. I don’t want to think there are dead dreams, for those that jumped ship and are sinking in it. If it’s not making you happy and your not willing to see it through tough times, then this Dream goal is not the right one for you. Really think about what you see yourself doing in the future that truly makes you happy. Keep the idea of happiness in mind it will see it through tough times.
Here is by budget overview worksheet
Overview budget template
Why Should you try this?
If your failing at budgeting, or have been failing over and over, remember you can start again. Once you have reached your breaking point you will quit the bad spending habits. I know they are called habits because they can be hard to break but we can create good habits to combat the bad ones. Start by cutting the habits down to size but coach yourself to win!
If you are willing to try something that is only going to benefit you…let try this!
I know these ideas are on of many but your “always trying a new one” list because you want to succeed in the “Budgeting Thing”!
If you want coaching sessions on implementing this budget technique you can click on the contact me page or DM me on any of my social media sites all @shekeepsthechange, I’m available to help.
I’m going through this journey with you. I’m also happy to experience all aspects of dealing with money in real time with my readers. All reviews are honest and realistic. So there you have it, you want to start a budget, try these techniques. All worksheets are printable per request, video sessions will be posted, I will announce them in advance.