A Young Womans’ Guide To Budgeting

One thing I’ve never really touched on on this blog is money management. I’ve never talked about how I make it possible to both travel and go to University all on a small budget. So today I thought I would give my two cents on the topic. Now I am by no means a professional in this regard, or in any regard for that matter. But we all like to hear other peoples experiences and thoughts on how to live our lives to the fullest. So here’s some things I’ve learned on my nearly 22 years on this earth.

Budgeting

The Budget

So this may sound silly or obvious but by the term “the budget” I just mean that it’s important to know the ins and outs of your money. When it’s coming in and when it’s going out. This isn’t just including the expenses that you know you have every month, (although that’s a great place to start). But it also means you need to take into account the money you would voluntarily spend. For instance, going on nights out with friends, going out for meals, for cinema trips etc. Everything has a cost. After all a budget is mainly an estimated guess so that you can keep tabs, so don’t worry if you spend a little more on a meal or present for someone than you thought. There are so many apps and websites that give you free space to create a budget and keep tabs on it whenever you like, so definitely take advantage of those. They really will help you make it a habit and keep on top of it all.

Stay Up To Date

Staying up to date and being conscious of what you are spending is so important. There is no point making the budget to then forget all about it and continue to spend all the money that you earn. That’s not going to get you anywhere. Now I’m not talking about obsessing over ever penny that you spend but just to be aware of how much free rain you are going to give yourself each week or month. Once you know how much money you are capable to save, (after creating your budget, you’ll know the figure). It’s important to keep that figure in mind so that you reach that target at the end of the time frame you have chosen.

Pay Off Your Debts

One thing I never understand that people do, is when they start to save when they have debts to pay off.One thing you should always prioritize is to pay debts off before you start saving any money.  Having debts can be such a stressful time so if you have the ability to pay them off, then do it! The sooner the better. It’s so important to pay off bills/loans/debts before you even think of treating yourself to a new bag or some new clothes. Although its not fun, it’s so important to pay off debts so that you are in a position for building a good credit score, as this will stand to you later, when you may need it.

Resist Impulse Buying

One thing I’ve never really had an issue with is impulse buying but I know a lot of people who do! It can be the hardest bit when saving for some people. They will be doing so well and then they see that bag in the shop and without thinking they will just buy it. The only good thing nowadays is that you can return things if you go home and find that you shouldn’t have made the purchase, or are simply not happy with the purchase. But self control is so important when you ate wanting to start saving. Do you really need it? Can you wait and buy it when you have the spare cash at the end of the month? These are the types of questions we need to ask ourselves to make sure the purchase is necessary, if it’s not, then we need to be better and put it back.

So these are just some tips that I’ve gathered along the way when I am budgeting and saving. I hope you guys found this interesting, let me know your thoughts in the comments and anything else that has helped you. See you in my next post.

Thank you for reading,

Lauren,

X.