You are probably searching for something like “budgeting tips” or “budgeting like a pro” and you came across this personal finance blog.
At Money Tree Network, we try to help people learn exactly why they should budget, how to budget, and some real life tips for budgeting from the pros.
I asked a bunch of personal finance bloggers for their best tips for budgeting and this is what they said.
Budgeting Tips from Boss Single Mama
Boss Single Mama is a popular personal finance blog that talks about finding a side hustle, living life frugally, and budgeting. In 2014, Rebecca, the writer of this blog, became a single mom and was looking for ways to manage her money, so she started a blog to help others who were in a similar situation.
Rebecca offered a few tips for managing your finances. First, she said, “Be realistic about your budget. If you don’t know exactly how much something is going to cost, budget a little extra to cover it.”.
Being realistic is the key to budgeting like a pro. The first month of budgeting will be difficult but after a few months you should know exactly how much things cost each month. This will help you to budget.
Second, she said, “Set up spending alerts with your bank so you can keep track of money as it moves out of your account. Spending with a card doesn’t have the same psychological impact as cash but since more people use debit now, this is an easy way to remind yourself of what you’re actually spending.”.
Setting up spending alerts can help you really know where your money is going. When your phone is always going off right after you spend money, it can be physiologically beneficial in helping you spend less.
Lastly Rebecca mentioned, “Schedule a weekly or monthly budget date. Look at budgeting as a form of financial self-care, not a chore. Check in with your budget and spending at least once a month to see how well you’re doing with sticking to it!”.
By scheduling budget dates with yourself or your partner, you will be on top of your finances. This will be especially beneficial when you are new to budgeting as it will allow you to know where your money is going every week.
Boss Single Mama is a great personal finance blog for people who are looking to live frugally, find a side hustle, and budgeting. Check out her blog!
Imperfect Pursuit Talks Budgeting Tips
Imperfect Pursuit is all about living frugally, and having a minimalistic lifestyle that allows you to save money and live better. This personal finance blog was created in 2020 to help Sarah spread her love for minimalism and sustainability.
When I asked her for some of the best tips for budgeting she mentioned that buying less, living more, and purchasing intentionally were her 3 favorite budgeting tips.
Sarah talks about buying less, meaning understand your needs vs wants. Focus on buying things that fall under the need category and minimize the things that you buy that are just wants. In the 50 30 20 budgeting method, you are supposed to spend 50% on your needs, 30% on your wants, and save 20%.
With living minimalistically, you may want to try to spend 50% on your needs, save 40%, and only spend 10% on your wants.
Next, Sarah said that living more can help you save. By buying fewer things that you want, you will have less to maintain, and therefore more time to spend on yourself and with your family. You can really start to focus on your passions which may include traveling, finding a different career, or even just spending more time on yourself.
Lastly, she says to purchase intentionally. This again, goes back to the idea that understanding the difference between needs and wants can help you live more freely. Before you purchase ANYTHING, stop and think about it. What do you have to give up in order to buy this?
I believe the envelope system budgeting method can really help with this. By dividing your money up into categories, you are encouraged to figure out how to make a certain amount of money last an entire month.
Imperfect Pursuit is great for somebody who is looking for tips for living minimalistically and intentionally. Check out her blog to learn some extra budgeting tips!
Our Life On Fire Speaks About Tips For How to Budget
Our Life On Fire is a great blog that was created in 2020. It focuses on living by the FIRE movement. The FIRE movement is Financial Independence Retire Early. This is all about paying off debt and being able to retire early.
Patti, the creator of Our Life On Fire, gave me a few of her favorite budgeting tips.
Her first tip was to “Find the budgeting strategy that works best for you. There is no one size fits all budgeting plan. You must find a strategy that you will stick with. It is the only way to be consistent and make budgeting a long-lasting habit.”.
Finding a strategy that works for you can be very beneficial down the road. Whether you want to try out the 50 30 20 budgeting method, the envelope system, the pay yourself first method, or a zero-based budget, figure out which one works best for you.
Second, she said, “Create monthly financial goals. If you have a specific goal in mind then you will be more likely to stick to a budget to reach that goal.”.
Creating monthly financial goals will help you stick to your budget. If you know you want to save a certain amount of money for a specific purpose, then you are more likely to stick to your budget. Although budgeting will be hard in the beginning, if you create financial goals it will become easier.
Lastly, Patti mentioned that “In order to budget effectively you must track all of your expenses. Tracking your expenses not only allows you to plan your budget accordingly but also forces you to analyze your current spending habits. It helps you to identify frivolous spending and eliminate unnecessary expenses.”.
Tracking every expense will help you know exactly where your money is going. You may find that you are spending more than you thought every month. If you write down everything that you spend money on, you will be able to see exactly where all of your money is going.
Patti’s blog is great for anyone who wants to retire early. She lays out great ideas and tips for budgeting, setting up financial goals, living frugally, and of course retiring.
To Sum It Up…
Budgeting can be difficult for some people, but Money Tree Network is to change that! I reached out to some awesome personal finance blogs to help give you the best budgeting tips that even the experts use. Let me know if you have any other great budgeting tips in the comments section!