20 Aug Budgeting 101 Part 1
This year I am dedicating to make myself more financially savvy. To do this I have been reading books like Rich Dad, Poor Dad and post on sites like LearnVest. I also sat down with a friend, Crystal, who focuses on health, wealth and professional growth. Our session specifically focused on wealth, where she guided me through a yearly projected budget. I wanted to share one eye opening aspect in part one of Budgeting 101.
A YEAR AT A GLANCE!
1. Gift giving holidays. Look at the calendar year and see how many holidays require you to give a gift. For example: Valentine's Day, Easter, Mother's Day, Father's Day, Christmas, Hanukah, etc. I am one of 4 children so Christmas can get rather pricey. Years ago, my siblings and I decided that on Thanksgiving day to pull one name out of a hat and have a $100 limit on one gift for Christmas. Secret Santa between large groups helps financially as well as reduced stress during a rather stressful time of year. Do this in college with housemates/sorority sister and at work with co-workers. For holidays such as Christmas, Hanukah, etc. think about EVERY person you plan on buying for and plan a price cap per person. Also, note money saving days like Black Friday and Cyber Monday.
2. Birthdays. This was an interesting aspect of the exercise. I realize I don't buy gifts for people outside of my nuclear family and 3 friends. However, that is not everyone's reality. Look at your calendar and mark down birthdays for extended family members, friends, coworkers, significant other, etc. Now, from all those people who will you buy gifts for? How much will your budget for each gift? $20? $50?. Find a price and stick to it!
3. Special occasions. Think about any occasions that will happen once and will happen this year. For example, a big anniversary, baby shower, Christening, retirement, Communions, Bar/Bat Mitzvah, etc. These occasion are important to budget in as well.
4. Weddings. Weddings get its on special bullet point because there is a lot to consider! Are you in the bridal party? If so, make sure when you accept a spot in the bridal party that you're clear what your financial responsibility will be (planning the bridal shower, bachelorette, shoes, hair, makeup, etc.). Things to consider: the dress, bridal shower gift - will this require transportation and accommodation?, bachelorette party (transportation, accommodation, food, gift), wedding day transportation, accommodation, food and wedding gift.
These four point thats Crystal went over with me was extremely helpful and allowed me to get a birds eye point of view of how much additional money to consider when budgeting for the year. I hope these tips help you just as much!
If you would like to have budgeting session with Crystal please email email@example.com and we will make the email introduction - HAPPILY!
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