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Episode 47: Simplify Your Budget
This time of year, so many of us resolve to get better with our finances. And the cornerstone of getting good at your money might not be flashy, but it sure is effective: it’s knowing how much money you have coming in and how much is going out. That’s basically a fancy way of saying “making a budget.” And you know what? Even if you’re not a “numbers” person, you can make a budget — and it doesn’t have to be complicated (side note: Emily didn’t think she was a numbers person either, and surprise, now she runs a business!). Today, Emily’s dropping four super-helpful tips on how to kick off your financial journey this year on the right foot. From dividing your spending into categories, to getting help from a financial advisor, no matter where you’re starting from you’ll become more confident as you make you simplify your budget and start to understand how to make your money work for you.
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Ways to Simplify Your Budget
Believe you’re a numbers person. Those financial gurus you see on TV? They were once just like us, grab a notebook and take the time to understand common financial lingo.
Make a list or spreadsheet of your monthly income and expenses. Focus in on the big picture of your finances and go from there. Knowing where your money is going is a powerful tool on this journey.
Create a monthly budget. Take a look at what expenses are most important to you and your family and ensure you have the funds for them. After that you can allocate funds for fun outings or vacation savings.
- Block off a consistent time to look over your financial picture once a week or once a month. This gives you the time to make changes and comb through all your accounts. Knowing how your money works for you is vital to your success in this area.
“Here's the thing. All of this is very learnable. That finance expert you see on TV? They weren't born with the knowledge they have now. They learned it. And so can you. It starts by believing that you're capable of learning about finances and giving yourself the grace to not be perfect if you're just starting out.” – Emily Ley
“There are many ways up the mountain here, and everybody's financial situation is very, very unique to them. But I will say this: knowing where your money is going and how much you have coming in is the number one rule for successful financial management, no matter your situation.” – Emily Ley
A Blessing for Your Week
I hope you remember that you are strong and capable, no matter the amount of your bank balance.
I hope you remember your worth is far more than any number.
And I hope you remember that a full and vibrant life goes far beyond an accumulation of “stuff.” It’s made up of the love and trust we cultivate in our people.Simplicity Tip of the Week
To keep it simple, think about using a single credit card to pay off your monthly expenses. You could find a credit card with rewards that fits your life, whether it’s cash back or lots of travel points. Bryan and I use a joint high-rewards American Express card for as many things as possible, like daily expenses, travel, and even utilities. But here’s the thing: we commit to paying off that card—in its entirety—every single month. Otherwise, those rewards aren’t exactly worth it, are they?
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