Budgeting Archives - Women’s Money

04Jan 2019 by Women's Money No Comments

6 Steps to Healthy Spending. And Forget About a Budget

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This post was originally published on Behavioral Cents.This is THE YEAR you want to get on top of your cash. GREAT! The worst thing you can do is start with a budget. What? Really? Why? (and secretly, you’re probably thinking Yay!!). Money is not logical. Money is fraught with emotion. And if you force yourself to do something you “should” be doing, you will find some zillion reasons not to do it. Then you’ll feel bad because you “should” be doing it but aren’t, and you’ll start judging yourself, and then feel like a failure. You’ll quit.To successfully change your money behaviors, you want them to stick. And that means managing your money emotion as well as your money flows. A budget typically defines a forced march, allowing you to spend…

28Jun 2017 by Women's Money No Comments

Money Talks. You Should, Too.

Budgeting, Goals / Taking Action, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement, Relationships & Money

I think we can all agree that talking about our finances is uncomfortable, especially if your finances are not in the best health. Fortunately, you do not need to broach this subject with everyone you meet. However you do need to be able to communicate with your significant other about money, especially in serious relationships. The 2016 Stress in America Report produced by the APA found that 64% of women and 57% of men reported money and family responsibility as one of their most significant stressors. Because money is such a huge source of stress for many people, couples need to talk about it. Ensuring that you and your partner are on the same page with how you spend money and what your individual situations are helps prevent future arguments and…

14Apr 2017 by Women's Money No Comments

Healthy Budget Habits

Budgeting, Goals / Taking Action

So, you use your budget, yet somehow at the end of the month you discover you overspent. We have all been there; it can be hard to remember your budget while shopping. A budget is not a static document that you write and leave alone, but a working and responsive tool for money management. Try these healthy habits and easy to use tools to stay in tune with your budget throughout the month.1. Regular Check-Ins This is one of the best methods to help you stay on track with your working budget and is most effective when paired with a spending tracker. Checking in with your spending and your budget on a regular basis keeps you in-tune with your goals.How often you check in is a preference, but either every…

30Mar 2017 by Women's Money No Comments

What are You Saving for?

Budgeting, Goals / Taking Action, Money in Your 20s/30s/40s/50s/Retirement, Take Action

We all know that saving a little bit of money here and there throughout the month is one of the best strategies for accumulating savings. However, it can be difficult to keep that in mind while you’re shopping, especially if your goal is generalized to “save money”. Using coupons is a popular method for saving money, and can absolutely be an effective way to generate savings. There is a mental trap that many people, myself included, fall into. When you save $3.00 with a coupon, it becomes very tempting to turn around and use that savings on another item. In other words, you feel like you saved money with the coupon, and want to reward yourself.But really, this means that you didn’t save any money. Yes, it stretched farther, but…

22Mar 2017 by Women's Money No Comments

Are the Budget Blues Bringing You Down?

Budgeting, Goals / Taking Action, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement, Take Action

If you’ve followed my writing, I’m sure you’ve noticed several articles on budgeting. Why so many? Because a budget is one of the most valuable tools for understanding, managing, and growing your money. Yet it seems to me that many people break-out in a cold sweat the moment I say “budget”. If the B-word induces anxiety in you to the point you can’t bring yourself to write one, try changing your terminology. A budget is just a plan for how you are going to spend your money, so try calling it a “Spending Plan”. Using a Spending Plan is a small lifestyle adjustment to help you reshape your spending habits. It takes time and practice to write and use Spending Plans that are reasonable and accurate, but as you develop…

01Mar 2017 by Women's Money No Comments

Plan your Meals; Plan your Spending

Budgeting, Goals / Taking Action, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement, Relationships & Money, Take Action

Making food at home is an easy way to trim your spending, but it can often feel difficult to fit in cooking, and clean-up, within daily life. A few months ago, my boyfriend and I started meal planning to save money and eat healthier and so far, we’re achieving our goal. There are different kinds of meal planning. In one of the most popular methods, you plan and prepare every single meal for the week in one day. We chose to adapt this method slightly and only plan our meals for the week, but planning and preparing on the same day is very effective for many people. Here is some more information on the strategy, as well as a guide to help you start out. Because Sunday is our day…

11Feb 2017 by Women's Money No Comments

Is the Mortgage Tax Deduction in Your Best Interest?

Debt, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement, Saving & Investing, Take Action

So tax season is upon us, and if you’re paying on a mortgage, you probably feel pretty excited about the home mortgage tax deduction that comes with it. After all, everyone says that you should hold off on fully repaying your mortgage because the tax deduction saves you money. Unfortunately, that common sense advice isn’t really sensible at all, and may actually be costing you money. The home mortgage tax deduction is a type of itemized tax deduction that allows you to reduce your taxable income by the amount you paid in interest. This deduction combines with all other itemized tax deductions and if that total exceeds the standard deduction it will take its place. Now, you can claim up to two homes for this deduction, and the definition of…

04Feb 2017 by Women's Money No Comments

Romance on a Budget

Budgeting, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement, Relationships & Money

So Valentine’s Day is 10 days away and you still don’t have a gift for your significant other. Don’t worry, I’ve also been procrastinating, but we’re going to get through this together. I’ve compiled a list of low-budget gifts and dates to help us make Valentine’s a success on a budget. 1. Do-It-Yourself Date Rather than spending a bunch of money on a meal in a fancy restaurant, consider making a special meal at home. Set the mood with some candles, some flowers, music of choice, and maybe a tablecloth. It will cost you money for ingredients and some time in cooking, but you don’t have to deal with crowds, you don’t have to tip, and you already have the best seat in the house reserved. If you don’t have time…

01Feb 2017 by Women's Money No Comments

A Rose on Any Other Day

Budgeting, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement, Relationships & Money

If you’ve recently visited a store, you know Valentine’s Day is almost here. I’m a huge romantic sap and love the idea of Valentine’s Day, but the hype is a little out of control. Yes, chocolate is delicious and roses are pretty, but they are also expensive extras. While it is definitely important to take time to appreciate your significant other, and Valentine’s Day is a good day to do so, it’s important not to break the bank in the process.Valentine’s Day is on a Tuesday this year. My boyfriend and I both work all day, and after a long day at work I'm about as romantic as a bag of potato chips. So we’ve decided to wait and celebrate a few days after when it fits our schedule better.…

26Jan 2017 by Women's Money No Comments

Follow Your Funds

Budgeting, Goals / Taking Action, Miscellaneous, Take Action

There’s always pressure to make changes around the new year. Aside from my annual resolution to exercise more, this year I decided to track of my spending. Unlike exercise, it’s an easy habit to maintain, and like exercise it improves my long term well-being.The last time that anyone stressed the value of tracking your spending to me was in middle school when we learned about balancing checkbooks. I occasionally started a log in high school but never maintained it. In college, I didn’t even attempt to keep track, I would just periodically check my bank account balance online. As years went by, this system became less and less sustainable. I decided to make two big changes to the way I spend. 1) I use cash for most of my daily…