Millennial Money Guide

📍 NEW TO BUDGETING? START HERE

When it comes to creating your first budget, figuring out where to begin can leave you feeling lost and confused

🤔 Should I prioritize paying off debt?

🤔 How much should I allocate to savings?

🤔 Am I going to have to give up Starbucks?

All of these questions can be answered in due time but before you can make a plan for your money you have to figure out where you stand with it RIGHT NOW

So here’s what you need to do before getting started with BUDGETING:

✨ AUDIT YOUR CURRENT SPENDING HABITS ✨

This is an excellent way to learn the true story of where and how your money is being spent

With this awareness and clarity, you’re better able to build a plan for your money aka YOUR BUDGET

LET’S BREAK IT DOWN:

1️⃣ Gather your bank statements from the last 3 months. These statements should be from ANY account you use to spend money including checking accounts and credit card accounts

2️⃣ Review and categorize EVERY expense with categories that make the most sense for you. These categories could be bills, food, gas/auto, shopping, hobbies/going out, savings, debt, etc.

3️⃣ Add up the total amounts spent in each expense category and analyze what it reveals about your spending habits. Ask yourself questions like:

👉 What categories am I overspending in?

👉 What priorities need to be shifted?

👉 Are my current spending habits moving me closer to or further away from my goals?

With this new insight as your guide, you’ll be better able to create a REALISTIC BUDGET that aligns with the way you actually spend!

✨ QUESTION: Have you ever audited your spending?

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