Budgeting Glow up?

gcthrowaway2019 · 2020-04-13T07:26:50+00:00

I've noticed a huge difference when I started to live below my means. I track what's due and when in my pocket calendar and I keep a little excel spreadsheet to track my current and future estimated daily balances.

Also making small adjustments that add up to save money over time:

Stop smoking weed.
Brew your own coffee at home, cook all your meals and don't buy snacks from vending machines.
If you spend money on books, get a library card when they open again. Sell/donate any popular reads in your personal book collection bc the library catalog should have it.
If you'll save a nice chunk, pay for memberships/premiums up front for the whole term period vs monthly whenever you can afford it.
Be careful not to cheap out on important things bc if you do, you'll have to buy it twice. $10 irons are the devil.

hilariouslystated · 2020-04-13T06:01:47+00:00

I'm glad you mentioned that. I was looking at my accounts last week and realized I save about $150 week by staying at home everyday. I know I won't get to save all of that once the quarantine is lifted (gas, lunch, etc) but I would like to continue the trend of saving once this is over.

circescircus · 2020-04-13T06:53:34+00:00

First budget necessary expenses like rent/mortgage, healthcare, groceries, transportation. Those are the most costly and should be given priority. If you are renting, look into finding a cheaper place, since rents will likely drop in the near future, as a result of coronavirus crippling the economy. If you are living in a too expensive house that you mortgage-- consider selling it before house prices tank. Consider talking to a financial advisor before making any major decision. If you have 2 cars, ask yourself if your household can manage with 1 car.

Paying off debt is another thing. Talk to your creditors and see if you can reduce interest rates or even what you owe, a lot of creditors are willing to work with you during these times.

Groceries-- huge opportunity for savings here. Get a food saver sealing thing and food saver bags, freeze food, do meal prep and plan out how you are going to use meat, produce, pantry items before they go bad or expire. Avoid take out if you can.

Clothes/gym/beauty-- if you're working from home, you don't need to constantly update your work wardrobe anymore. You'll also save on transportation/gas/tolls/parking etc. Gyms are closed now, so you shouldn't be paying for a gym membership. Get some resistance bands, kettle bells, load up at home work out videos and exercise at home. You can also save a lot of money on beauty costs. Salons are closed, so stick to low maintenance hair styles/colors, buy budget cosmetics and haircare products etc online, figure out what your makeup style is and avoid buying makeup you won't ever use.

idiosyncraticg1 · 2020-04-13T05:21:59+00:00

Definitely. Take the time to read some budgeting hacks - everything from what food to eat to how to save money going out. Start taking note of how much you spend. Stop shopping as much, or if you do, invest in quality things rather than cheap things that you will throw out soon.

There are budgeting hacks for each level of income. There are lower level hacks like “eat beans bc they’re cheap” and then higher level hacks regarding prioritization of specific investments. Do a quick google search and you will find a lot.

Regardless of your financial status, it’s never a bad idea to become financially literate and to understand how credit cards, compound interest, investments etc work (if you don’t already).

nemorii · 2020-04-13T10:03:56+00:00

I think for me the biggest monetary glow up came from budgeting. Having money designated specifically for certain things like clothes and self-care instead of a free for all pile has allowed me to actually upgrade both my wardrobe and my grooming habits steadily from where I am at today financially. It also removed a lot of stress and uncertainty. Budgeting takes a while getting used to, but it's so worth it.

pumpkinpiebars · 2020-04-13T05:36:00+00:00

I highly recommend YNAB (You Need a Budget). It took a minute to learn the system but it’s a great tool. I used to be so bad with money, would overspend constantly, was always stressed, and was afraid of my account every month - now I feel completely in control and look forward to budgeting.

My younger brother resisted at first but now he loves it and actually has talked his own friends into it!

badabadabadaba · 2020-04-13T08:15:57+00:00

I've definitely gotten way better with tracking / planning my spending over the past year or so. I'd really recommend using a spreadsheet or app for it (I use a modified google sheets template imgur.com/a/NjVqPD6) and put in how much I plan to spend in each category in a month and then track how much I actually spend

outside of actually tracking my money, I also took some time to figure out my financial goals. In order, these are 1) spend less than I earn every month, 2) pay off my student loan before I finish my phd (500 euro a month for four years), and 3) travel as much as possible. even when I get frustrated by not being able to spend money, keeping these goals in mind really helps me stay on track!

Title	Budgeting Glow up?
Author	JesusisKingisLord
Upvotes	20
Comments	9
Date	April 13, 2020 5:09 AM UTC (6 years ago)
Subreddit	Posted in /r/FemaleDatingStrategy
Original Link	https://old.reddit.com/r/FemaleDatingStrategy/comments/g0cg0f/budgeting_glow_up/
Archive Link	https://theredarchive.com/r/FemaleDatingStrategy/budgeting-glow-up.678457 https://theredarchive.com/post/678457

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