22: "Budget" is NOT a dirty word
Updated: Sep 29, 2022
Give yourself a waiting period. If you are making a purchase you aren’t sure about or is more than you would normally spend, wait at least 24 hours before purchasing. Chances are you will not spend the money! You can also take a picture (as Susan does!).
Use a tracking app for your spending. You will be more conscious and accountable which will help you make better decisions - especially for your variable expenses. It’s like weight watchers for your wallet. My favorite tracking apps are: Mint, YNAB, Personal Capital, Spendee, Mobills, Simplifi, Clarity Money, Pocketguard, GoodBudget.
50/30/20 Budget. From Elizabeth Warren. 50% of take-home pay to true needs, 30% for fun wants, 20% for future savings.
Make one simple money move immediately. Something small that you won’t really feel such as switching to a less expensive grocery store or not buying anything online for two weeks. You will see a result immediately, feel proactive and motivated to spend smarter.
Spring cleaning. Find 5 places to cut expenses. Look at your credit card bills and bank statements for the last 3 months. Your only goal is to cancel any recurring expenses which you probably aren’t using: such as streaming services you don’t watch, subscriptions you don’t remember you signed up for, gym memberships you never use. And don’t forget about late fees. I promise you could save as much as $100/month. That’s as much as $1,200 a year!!
Give yourself a weekly allowance. Make it a set one that’s the same every week. It’s for variable expenses such as food, clothing, and entertainment. By doing it weekly, you can easily keep your spending for the week and you’ll have more left over at the end of the month for savings.
Unsubscribe from shopping and retail emails. At the same time, unfollow stores and shopping sites. You won’t miss it. Reduce the temptation.