How to Budget

Before I get into my budgeting tips, I want to tell you guys that I’ll be attending the The Set NYC’s Fashion week show. There will be a bunch of designers and artists presenting their work, and I’ll be snapping away throughout the show! Add me on snapchat @ xoxotemi to send all of the action.

Getting to the budgeting, ever since I finally a got a paid internship, I’ve decided to put more effort towards saving money. Everyone should have some money put away for something they’re saving for, and an emergency fund. Budgeting and saving can be tough, but here are some resources that might help you guys.

  1. The good old fashioned way – I literally just take money out of my checking account when I get paid, and put the cash aside. Personally, I tend to spend more when I have my debit card vs cash, and not having the money in my account means I have less to spend.
  2. Your bank account app & website – I feel like most young adults don’t use checkbooks or receipts the way other generations have. Whenever I go shopping, I usually throw out the receipt within seconds of getting it, or I refuse it altogether. Because of this, I try to look at my bank account app and website. I check my balance regularly, and Bank of America has a great tool on their website where you can see the breakdown of how much money you spend on different things (transportation, clothing, entertainment, etc). You can also set a budget for different areas.            myportfolio-financial-planning-tool1
  3. Savings account – I have yet to open a savings account, but it’s on my to-do list after I get a full-time job. You should regularly put money into this account, and you can set it up so money from your checking account will transfer to the savings account automatically. This is great for putting money aside for a big purchase.
  4. Level – The budgeting app I’m using right now is level. It accesses your bank account, then you label your bills,  income, and essential purchases. It’ll then calculate your “spendable” for the month. You can also set up trackers to check on how much you spend on food, shopping, etc.
  5. Mint – This is another app that I want to try. Not only is is great for budgeting, but you can also get reminders about upcoming bills and pay your bills through the app, which is really cool.                unnamed
  6. Buy a book – There are a ton of great books on how to manage your money. Top picks include Personal Finance in Your 20s For DummiesA Smart Girl’s Guide: Money (Revised): How to Make It, Save It, and Spend It, You’re So Money: Live Rich, Even When You’re Not Financially Fearless: The LearnVest Program for Taking Control of Your Money

 

How do you like to budget your money? Comment below!

Xoxo,

Témi

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