Creative budgeting

Graphic by Kylee Weber

We have reached the point of no return … budgeting. Many of us are at that time in our life when we have to learn how to budget our money for future investments and loans. I have firsthand experience with budgeting; I believe the key to success is finding a way that works for you. This is not a one-size-fits-all type of situation; find a way that excites you and create it to fit your needs and expectations. Here are a few examples of how to base your budgeting plan: 

Budgeting Book: 

This plan is based on cash or checks. You can find these envelope binders online and purchase them for under $20. Inside you will find at least a dozen envelopes where you can label accordingly. I purchased one of these for a trial and error experiment. I used the envelopes and titled them as follows: Rent, Car Payment, Electric, Insurance, Groceries, Gas and Fun. Inside the envelopes, I corresponded how much I make a week and went to the bank to withdraw a specific amount for each envelope. What many people like about the budgeting book is that the money is in a set envelope. This limits over-spending with a debit or credit card and relies solely on cash. I had a positive experience with this, but if you do not like using cash, then I would not recommend it. 

Online Budgeting: 

There are several apps and online budgeting that people use to budget their monthly bills, fees and so on. These apps have you insert how much money you make each week when bills and fees are due, and it divides how much money will go into each category. This is a simple and user-friendly way to budget for those who don’t know much about budgeting. If you are new to this concept, I highly recommend using these online resources. When using online budgeting applications, remember that it requires discipline and an understanding of how much money to save. It would be beneficial to keep a log each week of what money you spent and continue to follow the budget provided for you. 

‘Old School Budgeting’: 

This example is the simplicit way to budget: a pen and paper. If you are a visualizer, this is a great way to physically see how much money you will need to sustain livelihood. On this paper, make a list of how much bills, fees and other necessities will cost you. On the other side, factor in how much money you make each month and how much you want to put into savings, and do the math. I always recommend having a little bit of wiggle room with these budgeting lists because we can’t predict the future. 

These few examples are to introduce you into budgeting and how to factor in expenses and monthly income. If you have not thought about budgeting I highly recommend it because it allows you to manage your money smarter. Remember, these are only examples, it will be a trial and error to find the process that works best for you. Budgeting does not have to be a daily task or chore, it can be exciting and fun, just add your own twist to it!