Let’s Talk BUDGET!
Let’s Talk BUDGETING!
A budget by definition is - an estimate of income and expenditure (expenses) for a set period of time.
A budget helps to visually see what money comes in and what money goes out, it can help achieve a certain goal, aid in not spending money you don’t have, prepare for emergencies, pay down debts, plan for retirement, plan for vacations, new homes, or just help you to be in control of your finances.
The importance of a budget is for you to know where your money is going and how to manage it.
I will link a few amazing budget items that can help you on your budgeting journey.
Budget Categories and what each category should include - Take what you need and leave what doesn’t pertain to you. This will help you to know exactly where to place your money each month.
Household Budget
Mortgage/Rent
HOA Fees
Property Taxes
Home Insurance/Renters Insurance
Utilities – cable, internet, trash, water & sewer, electricity, gas, cell
Lawn care
Home repairs & appliance replacement (This could also be included in your emergency budget)
Tools & Supplies
Personal Use Budget
Makeup
Hair Products
Hair Appointments
Vitamins
Menstrual Products (Pads, Tampons, Liners)
Clothing & Shoes
Physical Activity (Gym membership, fitness subscription, exercise equipment, fitness class cost)
Self-care activities (Waxes, facials, massages, manicures, pedicures, etc.)
Medical Budget
Health Insurance Premiums
Health Insurance Deductible
Co-pays
Prescriptions
Dental Insurance
Orthodontics (Braces, Invisalign)
Eye Care (glasses, contacts, contact solution)
Therapy
Life insurance
Work Budget
Uniforms or Work Clothing
Dry Cleaning
Transportation (Parking Fees, Tolls, Train/Bus Fare, Uber/Lyft)
Professional Fees & Licensing (Renewal Fees, Certification Fees
Equipment, Tools & Supplies
Transportation
Gas
Car Payments
Car Insurance
Tolls
Car Repairs
Car Registration
Public Transportation
Car Maintenance (Oil changes, services, new tires, etc.)
Parking fees
Family
Groceries
Restaurants & Take-out
Subscriptions (Netflix, Peacock, Disney+, Amazon Prime, etc.)
Household Supplies (Cleaning Products, Laundry Products, Soap, Paper Goods, etc.)
Saving & Debt
Emergency Fund
Sinking Fund (Home repairs, Car Repairs, Vacations, Holidays)
Retirement Contributions
Charitable Giving
Minimum Payments
Fees & Charges (new card fees, late fees, overdrafts, etc.)
Personal Loan Debt/Credit Card Debt
Student Loan Payments
Gifting
Birthday Gifts
Graduations Gifts
Holiday Gifts
Baby Shower Gifts
Job Promotion Gifts
Fun Money
Event Tickets
Concerts & Festivals
Happy Hours
Date Nights (Girls/Guys’ Night Out)
Vacation
Pets
Initial Pet cost
Veterinary Care (Shots)
Pet food
Toys, Leashes, Cages, etc
Grooming
Pet Sitting Fees
Do these categories apply to you? Was there anything that you still need a category for? Are you ready to start this budgeting journey?
Saving Tips for the Holiday Season!
Looking for ways to save money this holiday season. Keep reading for the 4 ways that help me each year. But first remember not to go overboard, stay within your budget, use loyalty points, and shop the SALES!!!
1. Create a Holiday Budget
Creating a holiday budget helps you to stay on track with your spending. Allocate funds from your check each month to a holiday savings account. Purchase all your gifts only with the money you save in this account. This will help you stay on budget and not scramble for the money when needed. I use a PayPal savings account that takes $25 from each paycheck and it puts it in a holiday fund to prepare me for the Holiday Season all year round. And the icing on the cake is the APY is 4.30% so I’m making a tiny bit of money while my funds just sit there waiting for me to use them. If you need an online savings account or a secure payment center I highly suggest PayPal (PayPal Referral Link). If you open an account and spend your first $5 you’ll end up making $10 for being a newly referred member. It’s quick and easy with 3 simple steps.
Click the referral purple link above if you don’t have a PayPal account.
Sign up and link your bank account or card for easy transfer and checkout.
When you spend or send at least $5 (within 30 days of signup), we both can earn 1,000 points (redeemable for $10 cash back). Done!
2. Cash Back Rewards
Do you have a credit card that you use? Does it have Cash back rewards? If not keep reading I have a referral link for you that gives up to 5% cashback and if you purchase something in the first 3 months, you’ll receive a $100 statement credit (free money) or they will double your total cashback amount for the first year. If you pay with your credit card, as soon as the payment posts to your account you should pay off the balance immediately if that strategy helps you stay in control of your spending, or I’ve heard other people suggest on Sunday nights they sit and pay off the amount spent that week so the balance consistently remains at 0. For some cards, each month is a different bonus category. For instance, this month on my Discover card I get 5% cash back on all my Amazon purchases, and Target purchases, perfect timing because of the Holiday Season. (Discover Cashback Rewards Card Referral)
3. Rakuten
If you are an online shopper like me, you should definitely use Rakuten. They literally pay you to shop through their site. With different merchants offering anywhere from 1% to 20% cash back it’s the best. The thing that’s even better is you can still use a coupon code it’s like a double dip for saving money. For the holidays, I usually receive cashback for over $100 just from my online purchases for my family and friends. Use my referral code below and they’ll give you $40.00 for making your first purchase of $40.00 through the sit! (Rakuten Cash Back Shopping Rewards Referral)
4. Shopping Cart Abandonment
When you shop online most retailers want you to go through and purchase the items in your cart. So, with that logic, some retailers will make a second attempt at a sale when you leave items in your cart. Within 24-48 hours you can usually expect an email asking if you’re still shopping. The merchant will send you a coupon code via email of anywhere from 5-20% for you to return and purchase your items. Be strategic, if it’s a great deal go ahead and purchase, but if you can wait, let it sit in your cart overnight and see if you get a coupon code in your email. I do this a lot when I’m shopping with Fashion Nova.
I hope these tips will help you to stay on target this Holiday Season. In what ways are you staying on budget this season?