I’m putting it out there for all to see. My intentions for the new year is…
to budget and save money.
My husband and I have dreams for our family, and I realize that if we don’t come up with a solid plan for the future our dreams will just remain dreams.
, listening to Podcasts, following Instagram accounts that focus on financial fitness, joining support groups (lol, it's that serious!) and most importantly, I've been WRITING DOWN my goals and my intentions.
Feeling prepared to take on this year
This is seriously long overdue. Half of me put it off because it got too overwhelming thinking of where to start, while the other half just didn’t want to face just how much debt we had. But, this year I’ve mapped it out and rolled out a plan that will get us to financial freedom by the end of the year. Here’s what I did, or what I’m doing, just in case someone wants to join my financial journey!
Before the new year, I had been following the instagram account, @thebudgetmom. If you aren’t following her, I highly recommend you do so! I am in awe of what she’s been able to accomplish in a few, short years because of her determination and will power. She’s inspirational and a great motivator! I purchased the Budget By Paycheck workbook through her store, and it really helped me break down all of my personal and family expenses and spending habits. Having everything out on paper and on display for you (and SO) really makes you take a step back.
While we’re talking about social media, it might be best to mute certain profiles that could derail us from our goals.
Podcasts. Podcasts are amazing, and there is literally a podcast for everything. I’ve discovered several aimed towards financial enlightenment, and listen to them on the way to work. Every single time, I feel like I’ve got a personal financial coach. It prepares me for the day and keeps me from making impulsive purchases. Basically, they keep me in check! Check out:
On Facebook, I’m lucky enough to be part of a group of moms that initiated and created an additional support group aimed towards my biggest goal. It turns out, I’m not the only mom who’s an impulsive buyer. We’re supportive, encouraging, and holding each other accountable in reaching our financial goals. Our goal this month is not to purchase anything that isn’t necessary (pretty much the goal for the year!). Guess what? Aside from gas and groceries, I haven’t purchased a single thing ALL YEAR. Granted it’s only the 12th of January, but HEY, you’re talking to a mama who went to Target every. other. day.—sometimes three days in a row (cue monkey hiding it’s eyes emoji*). So, look to facebook and see if your area has such a group. If not, create one! I’m sure you’ll find other moms who want to join!
As a Christmas present for myself, I purchased a practical all-in-one wallet with envelopes for cash and for saving receipts. The cash envelope system is such a great way to keep track of your spending. Many financial gurus swear by this method. It’s so easy to lose track of how much you spend when you use your debit/credit card or shop online. Having cold hard cash gives you the best sense of whether or not something you’re about to buy is really worth it.
The cash envelope system is easy. Sit down and figure out what’s a practical budget for every category of your lifestyle. My envelopes are labeled as : gas, groceries, entertainment, dining out, pets, and work. Next, I established a limit to each of these categories per month with maybe $10 extra for cushion. Once I’ve spent all of that cash, I cannot spend anymore. That category is done for the month. If I have additional cash left over, I put it into my savings envelope. Or I might have a little treat. Hey, it’s okay to have a little #treatyoself moment from time to time! You’ve earned it at this point.
I hope these tips help! Any other mamas also have a financial goal this year? I’d love to hear what it is and what you’re doing to achieve it!