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5 Budgeting Rules That Are Not As Complicated As You Think

Thinking about creating a budget -- and sticking to it – can be daunting, especially if you don’t know where to start. Budgeting ensures that you will have enough money to do and have the things that matter to you in life. Below are some strategies from the alooola® team that you can implement in your life to create and maintain a budget that works for you and your goals!

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5 Budgeting Rules That Are Not As Complicated As You Think

Why should we put in the effort to budget?

  • Puts you in control of your money

  • Helps you prepare for emergencies

  • Helps you work toward your long-term financial goals

  • Helps you ensure a better retirement

  • Decreases the risk for debt!

How do I create a budget?

  1. Determine your monthly after-tax income

  2. Look at your credit card statements

  3. Add in any bills that you pay using cash and/or check

  4. Categorize your spending into Fixed and Variable expenses (fixed= rent, utility bills, student loan payments, variable=groceries, gas, eating out, entertainment)

  5. Analyze your variable costs to determine where you can cut back on monthly spending

How do I stick to my budget?

  • Be realistic and set priorities

  • Try to use cash more than your credit card

  • Plan ahead and discuss with yourself and/or others before making non-essential purchases

  • Allow up to 50% of your income for needs (housing, grocery, utilities, transportation, etc)

  • Track your spending

  • Ask for help! (financial advisors, friends/family, etc.)

Budgeting is a great way to ensure that you are consistently saving the money that you need for life’s necessities. Take some time to learn how to budget, and start saving with alooola® today!

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