3 Steps to a Fail Proof Budget

notebook with a bar graph on it

     When it comes to building wealth, there are many strategies that you can take. The hard part is building the wealth, which will come in a future post.  

Today, we are focusing on the basics: Keeping money. The first step to building an abundance of cash, is simply keeping it. So who can budget? Who benefits from that? And where do you start?

This post may contain affiliate links that provide me with a small commission when a purchase is made, with no additional cost to you. for more on affiliate links, and to see our financial disclaimer, please read our full disclosure.

(Pin for Later…)

Everyone can and should budget. If you have an income and expenses, then you already have great potential, and are well on your way to having a great financial blueprint.

 Have or create an income.

 A budget is not entirely possible without a source of income. This can come from anywhere depending on your age and whatever skills you have to offer.

 For those of you who do not want to go the conventional work route, I love that the internet has a hub of online opportunities found on websites that I like such as 121olinejobs.com

The site offers online jobs in proof reading, transcription, and much more. I was able to start my side job as a transcriptionist through 121onlinejobs.com, and haven’t looked back since.

The main goal is to have a fueling source for your income. Once you have established a steady stream of cash flow, you can begin to budget your expenses.

 Create a strategy.

     There are a bunch of budgeting and debt-free community experts out there, with their own budgeting philosophies that they swear by. These philosophies can be adopted once the budgeting process becomes more natural to you.

A great starting point is to create a list of all expenses needing to be paid for that given month. The important thing is to have all of your expenses known, and accounted for. 

You cannot avoid paying your necessities (food, electricity, trash, water, etc.), so saving money in your budget will have to come from other spending areas.

 Spend less and save!

     Pay all of your bills and necessities up front. Put that money to the side so that you know not to touch that money. Also shovel away your savings amount that you created when making your budget

This way all of the left over money can be allocated to your extra wants and needs throughout the rest of the month, or even towards debt.

This allows us to build wealth over time while we are still able to enjoy life with the people that we care about.

 Conclusion

     Those are my three tips for building a badass budget. It’s quite simple, and allows you to save money without feeling completely deprived. 

Following these tips can really aid in jumpstarting your budgeting or saving journey. Let me know your thoughts, and how you budget every month. Thanks for reading and i will see you in the next post!

 – Bo

 

2 thoughts on “3 Steps to a Fail Proof Budget”

  1. Nodvige JEAN-Louis

    I abide by this strategy in terms of paying your bills first before anything else. The other necessities need work and I need to find ways to save more by replacing something that costs more to keep. Thanks for sharing your points. What are your suggestions in the percentages to save?

    1. I currently save 37% of my income across all of my saving streams (and 403b at work). I would honestly suggest saving what you are comfortable with, but eventually you may need to train yourself to live off of less (if necessary). I will write a post on the percentage in the future.
      Thanks for reading!

Leave a Comment

Your email address will not be published. Required fields are marked *

%d bloggers like this: