5 Fool-Proof Budget Tips
It's Becky again! One of the most popular things I hear Investors say--whether Beginners or Experts-- is that they need to get their own Financial House in order.
And I get it. Did I tell you about that time I quit my 6-figure job to move to Europe, right? I luckily was able to start a successful business there but then I lost EVERYTHING! (Definitely a great story to share over some margaritas!) I moved back to the States in 2013, broke and homeless.
First thing I had to do to start investing was get rid of my debt and increase my income. It was time-consuming and confusing, but paid off as I just closed on my 10th door in 2 years and have no other debt besides income producing properties!
So, here are my 5 Tips to Getting your Budget Under Control TODAY:
1. Think about what you need to save first
Come up with a reasonable figure that you want to save each month and get that into a separate bank account. Personally, I have a direct deposit set up for a certain amount to go to a High Yield Savings account right out of my paycheck so I don't even see it!
2. Track EVERYTHING
You need to know where your money is going to be able to make any changes. It doesn't have to be something forever but commit to tracking all purchases for about a month or so.
3. Prioritize Needs over Wants
After tracking, you'll easily see trends and decide, if anything, you can cut. Make a list of things that are important to you so you can see if those purchases fall into those categories. If they don't make you happy, look to make changes there.
4. Give Yourself an Allowance!
Remember those?! You could spend them on anything you wanted! Allow yourself some fun money on a weekly or monthly basis. Don't deprive yourself of the things that make you happy within reason.
5. Share your Goals with others
Not all of our friends and family are supportive of money talks and that's okay! Want to know why? You have thousands of Lady Landlords that are now your family! We are here for you so head over to our FB group here and if you're in the NY Region, join one of our upcoming Lady Landlords Meetup! Learn about our get together here.