Smart People Stuff

Budgeting Tips!

One of the biggest struggles as a twenty-something is making a budget, or having a budget. We understand, it’s hard. Whether or not you’re a Math person.

Here are a few tips on Budgeting:

  • Estimate your monthly income: if you have an inconsistent monthly pay, this might be hard. Do your best to make an estimate. You just want to make sure you don’t spend more than you make!
  • Make Categories: of things you know you will spend money on. Groceries, Rent, Utilities, Entertainment, Gas, for example. The answer is yes. Starbucks can count as a category!
  • Establish limits for your categories: some things, like rent and utilities, may be fixed and also cost the same. But for food and entertainment and such, keep yourself under control! For example, tell yourself you can only spend $150 on entertainment and $100 pm groceries. Make sure your limits add up to your monthly incomeĀ 
  • Do not go over the limit: in this case, the limit does exist! So do your absolute best to stay within your limits. If you do go over, you might be spending more than you make, which can be an issue
  • Save if you can: if you don’t need to meet your limits in categories, it would be a good idea to save a little bit. Emergencies and accidents sometimes happen. Say your car unexpectedly breaks down or your lose your job. You’re gonna need money for those things if they unfortunately happen
  • Use an app for all of this: there are tons of budgeting apps that calculate your income and categorize your spending into categories you establish! Mint is one of the best. Or you could use an app that makes you enter in the spendings manually. This could make you more conscious of your spending

Here is a budget tracking example for your convenience (it’s called Spending App):


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