Just as we know our mental and physical health is imperative, so is our money health.
How many of you have a budget? Do you stick to your budget?
Do you know why you don't do a budget or stick to it?
These are all great questions to ask yourself.
During the pandemic, economic times can be hard to navigate.
I learned it is possible to save for a rainy day.
First, you should find a budgeting method that works for you.
Here is your challenge for one week, write down everything you spend money on and make a list of your monthly bills.
I use an excel spreadsheet to try my expenses and investments/savings.
Some main categories I use are as follows:
Housing
Transportation
Insurance
Food
Pets(if applicable)
Loans
Entertainment
Savings or Investments
Personal Care
I break these categories up into two categories; Actual and Projected.
My monthly income; is recorded as Projected Monthly and Actual Monthly.
That is the first part of the challenge; the second is to try to track for at least a month.
What did you learn as you keep track of your monthly budget?
Part of living a healthy is not having to worry about your finances which can cause so much stress. It is not always easy but necessary; it was for me to know my financial health.
Good money habits can help you build your credit.
I am at a stage in my life, I want as much positive energy as possible.
Let me know what you discovered about your spending and saving habits.
