How to start budgeting for the first time
Nov. 23, 2020
Budgeting for the first time could be a workload but it is a huge step towards financial freedom. First, have a goal. What is your reason for budgeting? mind you, budgeting means spending your money with a purpose.
So you may be budgeting to pay off debts, to keep track of your spending habits, or possibly to work towards your financial goals. Your reason for budgeting is key to being consistent, it actually helps you stick to your budget.
Make a list of items in an order of importance. It could be a list of things you intend to spend money on like food, transport e.t.c. Do not overload your list with unnecessary things. Start with the most essential things then move on to things that come second in order of priority.
Budgeting does not end with making a list. Be sure to stick to your budget. You can do this by keeping track of your progress in order not to overspend. Keeping track of your progress can help you know the moment you veer off track.