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We all know with the weather breaking and summer right around the corner; it’s time to pop out! New clothes, summer vacation, and random trips to your favorite restaurant’s outside patio is going to be the wave for the next 4 to 5 months.
We have already laid out the foundation for proper money management and budgeting; now it’s time to achieve some goals.
Remember that financial goal list you created a few weeks back? It’s now time to pull that out! Once you have established exactly what your goals are, it is vital that you categorize them.
Short-term goals are things you want to see happen in the next 6 months to a year. Long term goals are exactly how they sound. Keep the end in mind! What do you want to see for yourself by the time you retire? What kind of lifestyle do you want to provide for your children before they become adults? Do you see yourself being the person that retires and relocates? All of these things will become very important to you later on down the line but it is best to set yourself up for success ahead of time!
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With your budgets set, and your mission clear, it’s time to break those old habits. You will never see real change or success if you are still practicing poor money habits.
All of the things we buy during the week, do we really NEED them? I mean think about it, those shirts you picked up on sale, could they have waited? Or how about when your pantry is fully stocked but you’re craving takeout? Let’s not forget those Saturday mornings. Do you really NEED every pair of Jordans that drop? I know that’s a hard one but the answer is no, you don’t.
That personally was one of the hardest things for me when developing my own budget plan, I love shoes! If you are like me and you’re a true sneakerhead, add that to your budget. Nothing is wrong with buying things that you WANT, but if necessities are not taken care of. YOU ARE NOT WINNING! The mission is to WIN.
I know deciding between wants and needs can be difficult sometimes depending on who you are and what kind of lifestyle you have. For a quick example, something that can be classified as a need would be gas, if you have a vehicle. That’s a must for your personal budget.
On the other hand, your monthly music subscription can be classified as a want. Both may be important to you but you have to set some kind of bar and guidelines for yourself. With your monthly income and an idea of what you already spend a month to month, now you can see what you have left over. That is what’s going to determine what you set your budget as for each category that you chose.
The big picture is to spend LESS than you make. Small savings can add up to a lot of money, do not overlook the little things just because you don’t think that they matter. Reviewing your budget on a regular can help generate more income and also help you increase your budget over time. You may get a raise, your rent might go up, or you may simply reach your goal, so keep checking! The old saying, “Grind all winter and shine all summer” is now in full effect. Are you ready for the Glow-up?
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